MemeCore Explodes 100% as Bulls Target $1 Breakout

• MemeCore make an outstanding comeback on the daily technical chart.

• MemeCore price has surged by almost 100% in the last 24 hours, showing buyer dominance.

MemeCore (M) is exhibiting incredible price action on the daily technical chart. As a result, it has piqued the interest and attention of crypto traders and investors. After sitting for many months under low prices, doing almost nothing, the token is presenting signs of an ascent and growth across various technical signals.

The price action tells a very intriguing story around recovery and upside potential. After a devastating crash from its apex near $1.00 down to practically $0.30 in July, MemeCore traded for a few weeks in a tight range. However, Memcore made a solid comeback with 100% gains in the last 24 hours, according to CMC data. The token surged from around $0.40 to approximately $1.20 in a spectacular move, confirming that MemeCore has generated a very strong bullish breakout from its lengthy period of consolidation. 

The moving averages picture provides confirmation of the bullish narrative. The 50-day EMA has successfully traded above the 100-day EMA, which produces what technical analysts define as a golden cross. A bullish crossover typically signifies the beginning of a protracted upward price trend and indicates a possible momentum shift in favour of the bulls. Right now price is trading well above both moving averages, suggesting solid buying momentum from both institutional and retail clients.

What Next For MemeCore Price?

MemeCore technical indicators are portraying a very rosy picture. The RSI has entered the bullish region of 55.24 with a healthy momentum without going to overbought regions that could indicate an immediate reversal. The MACD indicator is showing a good positive divergence, the MACD line is crossing the signal line, and the histogram is indicating rising bullish momentum. Such a combination implies that the present rally can persist and is not merely a spike.

The market sentiment analysis indicates a strongly bullish market sentiment, with the sentiment indicator indicating strong positive values. This change of market psychology, in combination with the technical breakout, forms a strong base for further upward movement.

The short-term target seems to be the psychological level of $1.00, which is a round number resistance. In the event that MemeCore manages to break and stay above this vital level, investors may see the start of a new bullish run that may break through past highs and possibly open new price levels.

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