MemeCore has made a strong comeback on the daily technical chart.
The price of MemeCore has risen by nearly 100% in the past 24 hours, showing buyer dominance.
MemeCore (M) shows an astonishing price movement on the daily technical chart. As a result, it has attracted the attention of cryptocurrency traders and investors. After months of declining prices, with little effect, the token shows signs of upward movement and growth across various technical indicators.
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Price behavior indicates an interesting story of recovery and upward potential. After a devastating collapse from its peak near $1.00 to about $0.30 in July, MemeCore traded for a few weeks in a tight range. However, Memcore made a strong comeback with gains of 100% in the past 24 hours, according to CMC data. The token rose from around $0.40 to about $1.20 in an astonishing move, confirming that MemeCore has achieved a very strong upward breakout after a long period of consolidation.
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The moving averages picture confirms the bullish forecasts. The 50-day exponential moving average has managed to trade above the 100-day exponential moving average, producing what technical analysts call a 'golden cross.' Typically, a bullish crossover indicates the beginning of a long-term upward price trend, suggesting a potential shift in momentum in favor of the bulls. Currently, the price is trading well above both moving averages, indicating strong buying momentum from institutional and individual clients.
What’s next for MemeCore's price?
Source: Tradingview
The technical indicators for MemeCore show an extremely positive picture. The Relative Strength Index (RSI) has entered the upward territory of 55.24 with good momentum without reaching overbought areas that could indicate an immediate reversal. The MACD indicator shows a good positive divergence, with the MACD line crossing above the signal line, and the vertical chart indicates upward momentum. This combination means that the current rise may continue, and is not just a sharp spike.
Market sentiment analysis indicates a strong upward trend, as the sentiment indicator shows strong positive values. This change in market psychology, along with the technical breakout, creates a strong foundation for further upward movement.
The short-term target appears to be the psychological level of $1.00, which is an approximate resistance level. If MemeCore can break through this vital level and stay above it, investors may witness the beginning of a new upward wave that could exceed previous highs, potentially opening up new price levels.
