MemeCore Extends Recovery Amid Broader Market Pressure
MemeCore (M) is extending its recovery, gaining over 7% on Tuesday after rebounding 10% on Monday. This follows a sharp 28% decline on Sunday, which pushed the meme coin toward early-February lows. Despite the recent uptick, the broader crypto market remains under pressure, and MemeCore's outperformance appears driven by short-term technical factors like dip-buying near support levels.
On the daily chart, MemeCore is moving within a descending consolidation range, forming lower highs while holding above short-term support. It remains below all major moving averages, with key resistance between $1.55 and $1.69. The RSI indicates bearish momentum near oversold conditions, and the MACD shows waning bearish momentum without a confirmed bullish crossover.
The $1.20 level, a key support from February 1, is crucial. A break below could lead to further declines, while increased buying may face resistance near the 200-day and 50-day moving averages. Overall, MemeCore shows signs of recovery but remains in a sideways trend, requiring clearer price movement for a confirmed direction.
TheNewsCrypto02/10 11:42