MemeCore [M] hits new ATH at $2.48 – What next for prices?

Key Takeaways

MemeCore reached a new all-time high in the past day as market volume continued to rise and inflows grew. Chart analysis suggests the potential for further price gains as accumulation continues.

MemeCore [M] remains one of the few assets to reach a new all-time high in recent weeks, reaching $2.48.

At press time, M declined to $2.21, although momentum continues to build and strengthen its upside potential. This milestone came even as its official app went offline on Google Play, yet investors continued to drive the price higher.

Analysis shows that the bullish alignment is not consistent across the market, as selling pressure continues to grow within certain segments.

Volume and funding see a major surge

The surge in MemeCore’s price over the past day was largely driven by perpetual market investors turning bullish.

During the rally, MemeCore’s Funding Rate, a metric that tracks which side of the market pays a fee to maintain price disparity between spot and derivative market, came primarily from longs.

At the time of writing, the Funding Rate stood at 0.0026%, indicating that investors remain bullish.

Source: CoinGlass

Likewise, Perpetual Trading Volume stayed above 1, a level often seen as a bullish indicator. With a reading of 1.097, it suggests that more investors across exchanges tracked by CoinGlass are buying the asset.

Overall market volume also surged 107% to $687 million. Typically, when both price and volume rise together, it signals more bullish trading activity, something M is likely to benefit from.

Breakout boom on the way

The rally was followed by a breakout from the bullish triangle pattern on the hourly chart.

This crossover has placed MemeCore in a zone for further price discovery, which now depends on market momentum.

Source: TradingView

AMBCrypto analyzed the Accumulation/Distribution (A/D) indicator, which tracks whether investors are buying or selling the asset.

At press time, the A/D showed that investors were accumulating MemeCore, adding to the likelihood of further rallies in the coming days.

Although total accumulation volume during recent trading hours remains in negative territory, it continues trending upward.

If the metric crosses into positive territory, MemeCore could gain strong momentum for another rally. However, a downward reversal in the A/D could mark the beginning of a broader price decline.

Spot investors diverge

Spot investors according to CoinGlass appear less aligned with the bullish sentiment driving the derivatives market.

After three days of buying activity, sellers have taken over, marking the most significant sell-off since August.

Source: CoinGlass

So far, the total sell-off remains relatively small, with just $77,000 in liquidity leaving the market.

Low liquidity in spot markets often has little effect on price shifts, meaning derivatives’ activity could play a bigger role in determining MemeCore’s overall price direction.