Foreign media reports that Memecore surged 231.4% in March and April, but retreated after reaching $4.83 on April 24, falling to around $2.60 in early May. The article argues that the recent weakness in Bitcoin and Ethereum has amplified the downward pressure on the token.
Short-term structure weakens
Over the past month, Memecore has formed a descending triangle on the chart, with prices consistently hitting lower highs. The article states that the $2.60 area is being repeatedly tested, indicating that bullish momentum is not strong.
The RSI has been hovering around 50 recently, while the CMF shows a significant outflow of funds in early May. The article also mentions that $1.95 is a more crucial low point; a break below this level could shift the trend towards a bearish bias.
The key price level is still in a tug-of-war.
The article suggests that the price around $2.56 corresponds to the 78.6% Fibonacci retracement level of the previous rally, and may continue to face downward pressure in the short term. If the price falls below $2.59, it may continue down to $2.06; if it rebounds to $3.20, it may encounter resistance again.
Traders are better suited to waiting.
The article concludes that while the current price range is interesting, the direction is unclear. For swing traders, continuing to observe and wait for a clearer market signal may be more appropriate than placing bets prematurely.
