MemeCore (M) has skyrocketed nearly 40% over the past 24 hours, becoming the top gain in the market today. Layer 1 (L1) coins are trading at $0.87 at the time of this writing.
Token rallying occurs amid a wider market recovery, suggesting that key technical indicators may continue to gain momentum.
Memecore Bulls Eye Breakout exceeds the highest ever
M/USDT Daily Chart’s measurements show that coin trading is significantly above the super trend indicator. This currently forms dynamic support under it at $0.47.
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Supertrend indicators help traders identify general market directions by plotting lines above or below the asset’s price. When the line falls below the price, it shows a bullish trend and acts as a level of support. Conversely, when the line exceeds the price, it gives a bearish outlook and often acts as a resistance.
In the case of M, indicators far below current trading levels reflect strong bullish momentum, suggesting that buyers continue to control the market. If this support is retained, the coin can revisit and provide the foundation for potentially overcoming the $1.13 high.
Furthermore, M’s weighted sentiment is currently positive at 0.162, confirming the bullish bias of market participants against Altcoin.
Asset weighted sentiment measures overall positive or negative bias by combining the amount of social media mentions with the tone of their arguments.
A positive metric value boosted confidence and renewed interest in assets. Conversely, negative weighted sentiment means investors are becoming skeptical of the short-term outlook of their assets.
In the case of M, positive feelings suggest a growing trust among investors and strengthen the possibility of continuous uptrends.
Will they gather towards $1.13 or lower it to $0.71?
Continuous buy-side pressure can cause violations that exceed resistance formed at $0.90. If this level is held as a strong support floor, you can open up a way for M to revisit the highest ever $1.13.
However, a revival of Sel-Off could negate this bull projection. If you make a profit, M can flow some of that profit and fall to $0.71.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
