The altcoin market has been under continued pressure in recent weeks. The report noted that the total market capitalization of altcoins has fallen from $1.07 trillion on May 10th to approximately $974.24 billion, a drop of about 9%. Against the backdrop of weakening Bitcoin, most Layer 1 tokens and meme coins have performed poorly, with MemeCore being one of the few projects still maintaining an upward trend.

Foreign media reports suggest that MemeCore is closer to a Layer 1 asset than a traditional meme coin. Despite a significant pullback in May, its long-term upward trend remains intact, and the recent rebound has refocused market attention on its short-term sustainability.

The $2.60 area remains a key support level.

Looking at the 4-hour chart, MemeCore's oscillating structure remains bullish. The article points out that the demand zone around $2.60 has held after multiple pullbacks; this level roughly corresponds to the 78.6% Fibonacci retracement level of $2.59. Even with weakening Bitcoin momentum, this area has been held by buying pressure.

The report suggests that this performance indicates the bulls still have the capacity to sustain the market despite the overall cautious environment. Subsequently, MemeCore broke upwards through the short-term downtrend line and began testing the local resistance level near $3.4.

It has returned above $3, but trading volume remains weak.

In terms of momentum indicators, the RSI rose to 66, indicating that prices still have upward momentum in the short term. However, on the other hand, the OBV did not show a significant increase, suggesting that the follow-up buying power is not strong enough, and the trading volume is also lower than the level during the rally in April.

This means that although the trend has strengthened, the current rebound cannot be fully confirmed. The article believes that the trendline breakout, the support at the $2.59 level, and the repeated holding of the $2.60 area are all positive signals; however, without a more significant increase in trading volume, the potential for further upward movement still needs to be observed.

Watch for support at $2.53 to $2.55.

• The area around $3 may become short-term support.
• If the price falls below $2.53 to $2.55, the bears may regain the upper hand.
• If the price continues to fall below $2.06, the overall structure will turn bearish.

Overall, MemeCore's rebound above $3 amidst widespread weakness in altcoins demonstrates relative strength. However, judging from trading volume and OBV, the funding confirmation for this rebound remains limited, and whether $3 can hold will be the focus in the coming days.