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MemeCore Price Surges 26% as the Funding Rate Shrinks - Bulls Target $1

Highlights:

  • The Memecore token is among the top gainers, entering the top 100 daily gainers.
  • The $M volume and open interest have spiked, indicating growing investor confidence. 
  • Memecore funding rate signals a potential dip soon.

The MemeCore is among the top trending coins, gaining 26% to $0.8275. The trading volume has soared 18% to $47.11 million, indicating growing investor confidence. Meanwhile, MemeCore ($M) is among the biggest gainers, which has soared by 100% in the past month.

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It has become the first-ranked company in the list of those increasing by over 100 per day, which only emphasizes its rising popularity in the cryptocurrency industry. According to recent reports, MemeCore hit an all-time high (ATH) on August 30 and then retracted by 24%. However, even with this retraction, the market momentum of the coin is hardly fading away, and investors are attentively tracking its progress.

M Derivative Market Sentiments

The MemeCore derivative market has experienced growth in volume, open interest, and prices. The volume of MemeCore has increased by 379.72% to $1.65 billion, as the open interest has surged by 87.77%. These are signs of the growing popularity of speculative trading, as traders seek to capitalize on the volatility of the coin.

MemeCore Derivatives Market Chart: CoinGlass

The long short ratio of MemeCore is at 1.01, indicating a growing bullish outlook. However, that is not the only good news about MemeCore. The funding rate of the coin has recently dropped into negative figures at -0.1542%. A negative funding rate means that short traders are leading, and the overall market mood may shift towards caution.

M OI-Weighted Funding Rate. Source: CoinGlass

This movement in funding rates may lead to further price adjustments as traders seek to protect themselves against the possibility of additional declines. Nevertheless, this trading activity indicates that the market is not yet willing to abandon MemeCore.

MemeCore Price Soars in a Parabolic Curve

The M/USD 4-hour chart shows that the Memecore price spiked in a parabolic curve. Moreover, the key zones are at $0.4612 and $0.5512, which could further boost the upside. Moreover, if these zones hold firm, the M token may continue rallying.

MemeCore price
M/USD 4-hour chart: TradingView

The technical indicators, including the Relative Strength Index, show intense buying pressure at 67.34. Notably, the MACD indicator shows a bullish crossover, implying that the traders are at liberty to continue buying M tokens. Looking ahead, MemeCore price has exhibited a pattern observed in meme coins, that is, a sharp rise, a sharp decline. However, if the $0.55 support holds and the price breaks above $0.88-$0.94, a push toward $1.00 becomes more likely.

On the other hand, if support fails and the price falls due to early profiteering, it could head lower toward $0.77-$0.55 safety nets. Traders are now closely watching for a breakout or breakdown from this tight range. The next few days could be crucial in deciding the Memecore price’s short-term direction. 

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