MemeCore (M) has once again pushed the price higher, recording a strong increase of 20% in the past 24 hours. This movement shows no signs of slowing at the previous peak level.
Instead, M has surged above this level and continued the trend, which often reflects stronger underlying demand rather than a temporary spike. The bullish momentum, at least at the current time, is still being maintained.
Breaking through the previous highs confirms the strength of buyers.
The recent breakout above the significant resistance level at 2.91 USD has changed the market structure in the short term. This breakout indicates that buyers are not only reacting but are actively chasing prices.
Such behavior often occurs in strong trends, especially when momentum is accelerating.
The Open Interest (OI) of M supports this view. OI remains above 50 million USD as institutional participation is high at the time of writing.
In just 24 hours, demand from institutions has surged by 19%, with most coming from Binance. This is not a weak move. It is supported by active position openings across the market. As long as this participation continues, the bullish structure remains in effect.
Source: Coinalyze
The imbalance zone raises a warning.
Despite the current strength, the growth momentum has left a distinct imbalance zone between 2.85 USD and 3.54 USD, resulting from the strong price increase over the past four days. These gaps often tend to be revisited by prices.
This imbalance creates a timing issue rather than a directional one. The trend is still upward, but the market may need a reset before continuing. A correction to fill that imbalance zone will not necessarily break the structure – it may actually reinforce the trend further.
Therefore, the question is not whether a retracement will occur, but when.
Source: TradingView
Market positioning and funding rates provide additional context.
Market positioning is heavily tilted to one side. Short positions currently account for about 70% of total exposure, reflecting a strong bearish sentiment.
However, this level of position allocation is not reflected on the daily chart, indicating that buying institutions are neutralizing selling pressure at the current time.
Source: Coinalyze
At the same time, the aggregate Funding Rate is trending above the average. This combination suggests that the market is leaning towards buyers (long) but still sees value at current levels. It has not yet shown signs of exhaustion, but it is becoming overcrowded.
Overcrowded trades can still rise higher, but they often come with high volatility.
Source: Coinalyze
Strong trend, but pay attention to the potential for a reset.
MemeCore remains in a clear bullish trend, supported by increasing participation and sustainable demand. Interest from institutions also seems to be forming, which adds weight to the broader bullish outlook.
However, the imbalance zone below the current price cannot be ignored. A short-term correction to fill that gap would be a natural part of the cycle before continuing to rise.
In the current situation, momentum is favoring buyers, but a reset may come first.
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