Memecore [M] Reclaims $3 as Altcoin Market Slumps 9%

The altcoin market cap has slid from $1.07 trillion on the 10th of May to $974.24 billion at press time — a 9% drop in just over three weeks, partly explained by Bitcoin's [BTC] weakness during the same period. Layer 1 tokens have been taking the worst of it, with only Hyperliquid [HYPE] showing any strength lately. Memecoins have not fared much better, with Siren [SIREN] being the lone gainer over the past week.

MemeCore [M] — which, despite the name, fits more comfortably in the Layer 1 category than with the memecoin crowd — has managed to slip out of the bears' grip while the rest of the market argues with itself. Its current bullish outlook has been in place since March. In an earlier report, AMBCrypto had highlighted the key levels that M would need to break to flip the bias bearish. Despite the deep retracement in May, the higher timeframe uptrend held, and the recent gains signal a bullish continuation.

The 4-hour swing structure was bullish. The $2.6 demand zone refused to break down despite multiple retests — a stubborn patch of price action, indeed. These tests, combined with increasingly bearish BTC momentum, hinted at a possible MemeCore trend shift. Instead, M bulls showed strength in an otherwise tetchy crypto market environment. They managed to break the descending trendline resistance (orange), and the altcoin was testing the $3.4 local resistance. The RSI climbed to 66 to signal upward momentum, but the OBV did not see a sizeable move. This was because trading volume was relatively muted compared to the April rally.

The situation, though bullish, was not a clear-cut buy for MemeCore traders. The trendline break and the reaction from the 78.6% retracement level at $2.59, combined with the defense of the same as a demand zone, were encouraging. A drop below $2.53–$2.55 would signal that bears have the upper hand. A sustained move below $2.06 would shift the structure bearishly. In the coming days, the $3 psychological level can be expected to serve as support — because round numbers never fail to attract attention.