MemeCore drops 14% as sellers reclaim control

MemeCore [M] suffered a sharp setback after declining 14.16% over the last 24 hours, signaling that sellers had regained control following weeks of volatile price action. The kind of volatility that keeps charts interesting and holders refreshing their apps.

Trading activity remained elevated despite the decline, with volume rising 11.72% to $10.63 million. This combination suggested traders actively repositioned rather than simply abandoning the asset in disgust.

Earlier buying interest had pushed MemeCore toward the upper end of its recent trading range. However, that strength faded as fresh selling pressure emerged near resistance, a familiar story for anyone who has watched a coin approach a key level.

Derivatives data reflected a notable reduction in speculative activity across the market. Open Interest dropped 18.06% to $83.22 million, showing that leveraged traders rapidly exited positions during the correction. Such a decline often accompanied by long liquidations and risk reduction rather than aggressive new short positioning.

Unlike periods when falling prices coincide with rising Open Interest, the latest move suggested capital left the market instead of betting on further volatility. This behavior highlighted weakening conviction among leveraged participants after the recent rejection from higher levels.

Until Open Interest stabilizes, speculative demand would likely remain subdued. A market in no particular hurry, in other words.

Price action continued respecting a descending resistance trendline that originated from the April peak near $4.70. Several recovery attempts emerged during recent weeks, yet sellers repeatedly defended lower highs and prevented a sustained breakout. Classic lower-high behavior.

MemeCore subsequently retested the critical support zone around $2.72, creating a narrowing descending triangle structure. This pattern generally reflected increasing pressure on support as resistance gradually declined. Resistance remained established around $3.40, while a stronger barrier sat near $4.00.

Technical indicators also weakened. The RSI fell to 42.87 and remained below the neutral 50 threshold, indicating buyers had lost strength after the latest rejection. Momentum, briefly considered, then politely left.

Liquidation data highlighted several areas where price could experience heightened activity in the coming sessions. The largest concentration of liquidity appeared between $3.10 and $3.25, creating a notable upside magnet if buyers regained control. Beneath the market, additional liquidity remained concentrated near the $2.75 to $2.80 region, directly around current support.

This positioning suggested volatility could increase if price revisited the area. While the downside clusters offered short-term support, the larger liquidity pockets remained overhead. Therefore, any recovery attempt would likely encounter strong reactions near the $3.10 region before traders could challenge higher resistance levels.