MemeCore falls 27% – Traders, don’t miss THIS critical level next! – Crypto News – Crypto News
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MemeCore falls 27% - Traders, don’t miss THIS critical level next! MemeCore falls 27% - Traders, don’t miss THIS critical level next!

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MemeCore falls 27% – Traders, don’t miss THIS critical level next! – Crypto News

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12 months ago

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Key Takeaways

  • MemeCore dropped 27% on the 15th of July, testing a critical $0.39 support. While Funding Rates and Long/Short Ratio favor bulls, on-chain data shows outflows and distribution, hinting that the trend may soon flip.

After a sensational 107% rally over the past week, MemeCore [M] showed its first signs of fatigue on the 15th of July.

The memecoin dropped by 27% in 24 hours, at press time, bringing it to a critical juncture. It traded at a support zone that could determine whether a rebound is possible or if recent gains will be wiped out.

MemeCore hanging by a thread?

M’s past day drop has triggered heavy liquidations in the derivatives market. Over $912,800 worth of long positions have been burned, as traders capitulated in response to the sell-off.

As of the 15th of July, the price had closed four consecutive 4-hour candles near the $0.39 support, according to TradingView. Despite several intraday bounces, bulls failed to reclaim momentum.

Source: TradingView

Without support below this range, a breakdown could cascade into a larger drop—unless spot buyers step in with strength.

The sideways action also signals a lack of conviction, as traders wait for stronger cues before repositioning.

What does the broader market sentiment say?

While the sell-off was severe, derivatives data still indicated an optimistic outlook.

Data from CoinGlass revealed that MemeCore saw a Netflow of $564,000 across centralized exchanges over the past 72 hours, pointing to continued accumulation by retail and whale investors.

At the same time, the Long/Short Ratio has held above 1.0, reinforcing a bias toward bullish bets, even as bearish pressure mounted.

M funding rating.

Source: Coinalyze

Adding to the bullish tilt is the surge in MemeCore’s Funding Rate, which stood at 0.0094, as of writing, according to Coinalyze.

A positive Funding Rate suggests that long positions dominate the market, with traders paying a premium to maintain their positions.

Bearish picture in sight

Technical indicators presented a contrasting narrative.

The Accumulation/Distribution (A/D) line and Chaikin Money Flow (CMF) were both trending lower, signaling a bearish divergence.

The A/D Line showed a distribution of over 32 million M tokens in the prior 24 hours, confirming selling pressure from larger wallets.

The CMF remains in negative territory with a reading of -0.34, suggesting that outflows are exceeding inflows, an indication that bears are applying downward pressure.

M technical indicators chart.

Source: TradingView

MemeCore’s next move hinges on how market sentiment shifts.

If both the spot and derivatives markets turn bearish, a further drop seems likely.

However, if technical indicators flip bullish, the ongoing pullback could prove to be just a corrective phase, setting the stage for another rally.

Next: XRP’s technical indicators flash green, but is the price really close to a breakout?

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