An article from AMBCrypto recently discussed the possibility of Memecore moving beyond $5, citing strong upward momentum that stalled at $4.7. As of the 24th of April, M had corrected from its all-time high of $4.83 to $3.42, marking a 29.1% drop in less than a week.
Another report highlighted the significance of the Bollinger Bands’ mid-point at $3.55 as a crucial support level.
The short-term technical outlook for Memecore was bearish, with a modest bullish sentiment within the community. Traders were advised to brace for a potential distribution phase due to the inability to push to new highs.
The Memecore Range Potential and its Impact on Buyers
Fibonacci retracement levels were used to analyze the H4 swing move higher, with M currently trading around the 61.8% retracement level at $3.41. The RSI indicator suggested a bullish momentum shift, indicating a potential move higher.
Despite the positive indicators, there were bearish arguments based on the Fixed Range Volume Profile and the rejection from $4.7 highs, suggesting a range formation between $4.7 and $3-$3.22. Traders were advised to observe the demand zone for short-term opportunities and consider profit-taking strategies.
Final Summary
- The rejection from $4.7 highs and subsequent losses have dampened bullish sentiment in the short-term.
- Investors should prepare for a range formation and distribution phase within this range.