MemeCore falls 27% – Traders, don’t miss THIS critical level next!
Key Takeaways
- MemeCore dropped 27% on the 15th of July, testing a critical $0.39 support. While Funding Rates and Long/Short Ratio favor bulls, on-chain data shows outflows and distribution, hinting that the trend may soon flip.
After a sensational 107% rally over the past week, MemeCore [M] showed its first signs of fatigue on the 15th of July.
The memecoin dropped by 27% in 24 hours, at press time, bringing it to a critical juncture. It traded at a support zone that could determine whether a rebound is possible or if recent gains will be wiped out.
MemeCore hanging by a thread?
M’s past day drop has triggered heavy liquidations in the derivatives market. Over $912,800 worth of long positions have been burned, as traders capitulated in response to the sell-off.
As of the 15th of July, the price had closed four consecutive 4-hour candles near the $0.39 support, according to TradingView. Despite several intraday bounces, bulls failed to reclaim momentum.
Source: TradingView
Without support below this range, a breakdown could cascade into a larger drop—unless spot buyers step in with strength.
The sideways action also signals a lack of conviction, as traders wait for stronger cues before repositioning.
What does the broader market sentiment say?
While the sell-off was severe, derivatives data still indicated an optimistic outlook.
Data from CoinGlass revealed that MemeCore saw a Netflow of $564,000 across centralized exchanges over the past 72 hours, pointing to continued accumulation by retail and whale investors.
At the same time, the Long/Short Ratio has held above 1.0, reinforcing a bias toward bullish bets, even as bearish pressure mounted.
Source: Coinalyze
Adding to the bullish tilt is the surge in MemeCore’s Funding Rate, which stood at 0.0094, as of writing, according to Coinalyze.
A positive Funding Rate suggests that long positions dominate the market, with traders paying a premium to maintain their positions.
Bearish picture in sight
Technical indicators presented a contrasting narrative.
The Accumulation/Distribution (A/D) line and Chaikin Money Flow (CMF) were both trending lower, signaling a bearish divergence.
The A/D Line showed a distribution of over 32 million M tokens in the prior 24 hours, confirming selling pressure from larger wallets.
The CMF remains in negative territory with a reading of -0.34, suggesting that outflows are exceeding inflows, an indication that bears are applying downward pressure.
Source: TradingView
MemeCore’s next move hinges on how market sentiment shifts.
If both the spot and derivatives markets turn bearish, a further drop seems likely.
However, if technical indicators flip bullish, the ongoing pullback could prove to be just a corrective phase, setting the stage for another rally.