Memecore [M] has retreated from a recent peak of $1.609, falling 7.7% to trade at $1.485 at the time of writing. The memecoin had posted a strong rally over a 39-hour period, climbing from a low of $1.241 on February 15 to its recent high, representing a 29.61% gain within two days. Over the past 24 hours, the token is still up 14.7%, with daily trading volume increasing by 13.88%.
Technical analysis, however, suggests the rally may be losing steam. The Fibonacci retracement levels, drawn from M's rally from $0.36 to $2.99 in August and September 2025, show that bulls have defended the 61.8% level at $1.37 since late November, establishing a trading range between $1.23 and $1.90. The $1.86-$2.04 area is identified as a key overhead supply zone, which M has so far failed to close a daily session above.
Key on-chain and momentum indicators point to seller dominance. The Accumulation/Distribution (A/D) indicator has been trending downward, signaling more selling pressure than buying. The Chaikin Money Flow (CMF) has remained below -0.05 for most of the range-bound period, indicating significant capital outflow. Furthermore, volume indicators reinforced this view, showing low trading volume during the recent two-day rally, which typically suggests weak conviction behind the price move.
The sharp sell-off as prices approached the $1.50 level indicates heavy profit-taking pressure. The analysis concludes that a retracement toward the local support at $1.36 is likely incoming, and a deeper drop to the range lows near $1.23 may be needed before swing traders consider buying opportunities. For now, the short-term bias appears to favor selling as buying strength looks exhausted.
