MemeCore (M), a Layer-1 cryptocurrency, has experienced a dramatic price increase of nearly 40% in the last 24 hours, reaching $0.87 and positioning itself as the top market gainer. This surge is part of a broader weekly rally where M gained over 100%, briefly touching $0.932 before settling around $0.85. The token is now just 11% shy of its all-time high of $1.13.
The rally is driven by multiple factors. A strategic partnership with D-Pump, a Web3 token launcher focused on meme culture, aims to enhance ecosystem interconnection and market expansion. Additionally, the MemeX liquidity event injected approximately $5.7 million into the ecosystem, rewarding traders and liquidity providers. Whale accumulation has also played a critical role, with large investors purchasing over 51.9 million tokens last month, fueling upward price pressure and retail FOMO.
Technically, M is exhibiting strong bullish signals. The Super Trend indicator rests at $0.47, well below the current price, acting as dynamic support. A golden cross has formed on the daily chart, with the 20-day SMA crossing above the 50-day SMA. Momentum indicators like MACD and RSI are trending upward, though the RSI at 80 suggests potential short-term overbought conditions. Weighted sentiment is positive at 0.162, reflecting growing investor confidence.
Potential upside targets include $1.14, with a break above leading to price discovery. Support levels are identified at $0.71 and $0.62, the latter aligning with the 38.2% Fibonacci retracement level. Market cap has soared to over $1.4 billion, ranking M as the 91st largest crypto asset.
