Will MemeCore hold $1.1886 support as profit-taking after sharp rally weighs?

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MemeCore slides 12.76% to $1.34 today

Highlights

Profit-taking emerged in MemeCore following a substantial rally during the week, as participants locked in gains.
Broad risk aversion in the cryptocurrency market led to reduced demand and increased selling in MemeCore.
MemeCore trades below key moving averages with strong downside momentum; projected 2 to 3 day range is $1.1886 to $1.4958 and the chance of further decline is 76%.

Profit-taking accelerates selloff amid broad crypto risk aversion

Profit-taking emerged in MemeCore after a substantial rally earlier in the week, as participants sought to lock in gains, according to Diariobitcoin. This activity coincided with broader risk aversion in the cryptocurrency market, prompting a further reduction in demand for the asset. Both developments contributed to selling activity and increased downside momentum within the period.

Bearish momentum persists as M trades beneath multiple key MAs

M is positioned below the MA-20 ($1.4503) and MA-50 ($1.4828) on the hourly chart, as well as under the daily MA-200 ($2.0923). The Ichimoku Kijun at $1.4504 marks immediate resistance, while momentum indicators continue to signal a bearish environment: MACD registers a Sell, ADX shows neutral trend strength, and both RSI and CCI remain in oversold territory. Stoch RSI is also oversold, suggesting potential exhaustion but not yet confirming reversal. Bull/Bear Power data indicates persistent seller dominance intraday, with the Awesome Oscillator confirming current bearish momentum.

Downside risk prevails as support and resistance guide outlook

Looking ahead to the next 2–3 trading days, price action is expected to remain volatile within a projected range of $1.1886 to $1.4958. The probability of an upward move is relatively low at 24%, while the likelihood of continued downside stands at 76%. Continuation of sideways trading between support and resistance is the baseline expectation, with a bullish reversal scenario contingent on a break above the immediate resistance at $1.4504. A bearish scenario could develop if support at $1.1886 is breached, leading to further downside.

Viktoras Karapetjanc, analyst at Traders Union, notes that MemeCore is under pressure after recent profit-taking and a wave of risk aversion across the crypto sector. He views the current downside momentum as a short-term adjustment within an overall volatile market environment. The expert believes a stabilizing period could follow if key support holds, though upside prospects remain limited for now. Karapetjanc sees broader sentiment as a potential catalyst if risk appetite recovers. "Should confidence return and MemeCore reclaim $1.4504, I expect buyers to regain control and establish a more positive trend."

Earlier, analysts noted that MemeCore faced increased selling pressure following a rally, with technical indicators pointing to mixed momentum and overbought risk. The current confirmation of persistent downside and volatility reinforces the prevailing bearish scenario, with focus now on whether support at $1.1886 will hold amid continued selling.

Source of Data: M Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.