Memecore (M) held $1.20 and ripped higher to $1.52, reversing most recent losses
Memecore extended its recovery streak Wednesday, defending a key support level and mounting a sharp rebound despite a broader market pullback. After briefly dipping to $1.19, the memecoin found bids around $1.20 and climbed to a local high of $1.52. At the time of writing M was trading around $1.50, up roughly 12.1% on the day, and saw its market capitalization hit an intraday peak near $2.2 billion (TradingView).
Buyers step in after seller exhaustion
The rebound followed a period of heavy selling that pushed M below $1.20. Once that selling subsided, buyers stepped back in to accumulate at discounted prices. TradingView’s buy & sell volume-to-price pressure indicator showed a bullish crossover: buy pressure rose to 25 while seller pressure eased to 21, producing net buying. Buyer strength climbed to 63 as seller strength fell to 36 — a shift that points to buyer dominance absorbing supply and supporting upward momentum.
Futures activity fuels volatility — and a squeeze risk
Derivatives activity picked up alongside the spot rebound. CoinGlass data shows derivatives volume jumped 37% to $70.7 million and open interest rose 26% to $31.3 million, indicating growing participation and capital flow into the futures market. The Long/Short ratio remained below 1 at 0.9, and Binance top traders’ ratio was especially low at 0.4 — a sign that many participants were positioned short. That concentration of short interest can amplify moves if buyers continue to press prices higher.
Momentum and technicals
Momentum metrics tracked the recovery: the Stochastic RSI climbed from about 4 to 49, reflecting a rapid shift from oversold to bullish momentum as buyers absorbed selling pressure. On the moving-average front, M flipped the EMA20 at roughly $1.46 and was testing the EMA50 near $1.52, validating the short-term uptrend.
What to watch next
- Bull case: If buy demand holds and M clears $1.52 decisively, the next key upside target is around $2.58.
- Bear case: If the speculative futures activity reverses sharply or selling resumes, M could drop toward $1.30, with $1.20 remaining the critical support level.
Disclaimer: This report is informational and not investment advice. Cryptocurrency trading carries high risk; do your own research before acting. Sources: TradingView, CoinGlass. © 2026 AMBCrypto
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