M climbs around 13.5% as traders cover shorts despite bearish technicals

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Memecore surges 13.45% today

Highlights

M/USD trades below major moving averages, with technical signals indicating a sustained bearish trend across all timeframes.
Momentum indicators confirm a sellers advantage as MACD, ADX, and BBP issue sell signals and RSI is below 30, indicating oversold conditions.
M/USD is projected to consolidate between $0.7708 and $0.9573 over the next five days, with an over 80% chance of further downside.

Anton Kharitonov, expert at Traders Union, notes that MemeCore’s 13.45% rally came in the absence of fresh news, which signals short-covering rather than genuine demand. He sees ongoing technical weakness, with the price trading under all major moving averages and persistent bearish momentum from indicators like MACD and ADX. The failure to reclaim key resistance at $0.8773 raises further doubts about the sustainability of any upside. Sentiment is fragile and a lack of positive catalysts keeps institutional interest restrained. "Unless MemeCore breaks out above $0.8773 on strong volume or attracts credible news flow, the risk remains skewed to the downside," Kharitonov warns.

Viktoras Karapetjanc, expert at Traders Union, believes today’s sharp price action highlights MemeCore’s dynamic trading environment, offering tactical opportunities for responsive traders. He maintains a constructive view, observing that volatility bands between $0.7708 and $0.9573 could enable multiple swing setups as the bearish wave exhausts. Despite no news, Karapetjanc trusts that resilient market structure can drive a short-term reversal if buyers reclaim $0.8773. "With risk tightly managed, MemeCore offers active traders several setups for opportunistic gains in the coming sessions," he states.

Jainam Mehta, market strategist, sees MemeCore caught between oversold metrics and weak technical momentum. He notes that the prevailing downtrend could soon attract contrarian bids, especially if RSI remains below 30 while price consolidates above $0.8314. A potential breakout above $0.8773 is worth monitoring for tactical entries. "I would watch closely for a volatility squeeze — it could spark a rapid directional move either way," Mehta suggests.

Bearish momentum persists as technical barriers hold

M/USD remains under pressure, trading below its 20-day ($0.9099), 50-day ($1.0772), and 200-day ($1.9577) moving averages, which underscores persistent bearish momentum. The short-term ceiling is seen at $0.8773, while support is defined by the week's high at $0.8314. Momentum indicators signal continued weakness, with the MACD and ADX both issuing sell alerts. The RSI is notably below 30, flagging oversold conditions, while the CCI and BBP show sellers dominating. The BBP stays negative intraday, and the daily Awesome Oscillator lacks a clear bias.

Earlier, analysts noted that MemeCore was exhibiting short-term bullish momentum despite longer-term technical challenges. The latest price action signals a reversal of that outlook, with mounting downside risk underscored by the asset’s persistent weakness below all major moving averages—a key level to watch is a sustained move beneath $0.7708, which could accelerate further declines.

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

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