MemeCore, a notable altcoin, has recently captivated market attention with a significant rebound from its recent lows, showcasing renewed buyer interest across both spot and derivatives markets. This resurgence has fueled optimism for a potential retest of its all-time high, though signs of profit-taking and overbought indicators suggest a crucial period of consolidation or further upward momentum lies ahead.
MemeCore's Impressive Rebound and Buyer Dominance
Following a retracement from its $1.14 peak, MemeCore experienced a robust recovery, surging by 36% from a low of $0.63 to $0.94. This impressive climb was accompanied by a 35% increase in its market capitalization to $895 million and a 17% rise in daily trading volume, signaling strong capital inflows. A closer look at the spot market reveals a clear shift in power: after a brief period of seller dominance, buyers decisively regained control, evidenced by a positive Buy-Sell Delta of 33k tokens. This indicates that buying pressure is currently outweighing selling pressure, underpinning the token's upward trajectory.
Derivatives Market Fuels Momentum, But Cautions Emerge
The momentum for MemeCore has been significantly amplified by activity in the derivatives market. Open Interest (OI) soared by 94.4% to $83.8 million, while trading volume in futures jumped an astonishing 235% to $1.4 billion. This synchronized increase in OI and volume typically points to a surge in capital deployment and market participation, with a Long/Short Ratio of 1.01 further confirming a prevailing bullish sentiment among traders. However, the rally is not without its caveats. Four consecutive days of positive Spot Netflow indicate increased exchange inflows as holders look to cash out profits, which historically can lead to selling pressure and potential corrections. Furthermore, MemeCore's Relative Strength Index (RSI) and Stochastic RSI have both entered the overbought zone, signaling potential buyer exhaustion and warning of looming volatility. The coming days will be critical as MemeCore attempts to overcome the $1 resistance and retest its $1.14 all-time high, or risk retracing to its $0.63 support level if profit-taking outweighs sustained buying power.
