Key Takeaways
The protocol campaign plans to attract more liquidity to its chain and token, M, as it leads altcoin gains across the board.
MemeCore [M] has seen a sharp rebound after suffering a steep decline, triggered by Bitcoin’s [BTC] retracement to $112,000.
At press time, M has posted the highest gains in the past 24 hours, up more than 16%.
Crucially, M led all altcoin gains over the past 90 days, according to CoinMarketCap’s Altcoin Index, boasting a 655% return. AMBCrypto’s analysis suggested the token still had significant upside in the coming days.
What’s driving MemeCore’s liquidity?
Investors appear to be driving M’s rally by pricing in potential upside.
They often use this strategy when they believe an asset is undervalued and ready for a breakout, which could reward early holders.
Their renewed interest follows MemeCore’s decision to postpone its liquidity festival, originally planned to distribute $5.7 million to its most active traders.
Investors may be seizing this moment to engage more actively with the chain, building up on-chain activity before the event. Trading volume has jumped 25% to $860 million.
Will this momentum continue? AMBCrypto analyzes the charts to assess what’s next for M.
Price projection faces resistance
M’s rally coincides with its breach of the 0.236 Fibonacci resistance level—a barrier that previously rejected price advances between the 21st to the 24th of July.
At press time, the asset was heading toward the untested 0.5 Fibonacci resistance level. A successful breakout at this level could open the door to further gains, as upcoming levels showed minimal selling pressure.
Source: TradingView
The Average Directional Index (ADX) supported this bullish outlook, with a strong reading of 58—indicating that the current uptrend was backed by solid momentum and may continue.
Overall, sustained buying pressure could position M to break its previous all-time high.
Spot and derivatives investors align
Investors in both spot and derivatives markets were pouring liquidity into M, per CoinGlass.
Despite starting August with $203,840 in sell-offs, investors have steadily removed M from centralized exchanges and moved it into private wallets.
Over the past 48 hours, these investors have accumulated $172,000 worth of M.
Source: CoinGlass
The derivatives market reflected a similar trend. Over $10.63 million worth of M was added in the past day until press time, with liquidation data skewed against short traders—suggesting the inflow is favoring long positions.
If this trend continues, it could provide further fuel for M’s upward momentum.
