“The momentum is clearly shifting,” said one trader tracking MemeCore’s recent move. After a tough run, memecoins rallied sharply in the last 24 hours, lifting the entire sector by 8% to a $23 billion market cap. This resurgence came alongside a 77% spike in trading volume, hitting $2.85 billion, signaling renewed trader interest after prolonged weakness.
Leading the charge, MemeCore surged 11.2%, breaking above the critical $1.1 support and hitting a local peak around $1.33. Despite the price jump, its trading volume slipped 13%, hinting that wider market participation is still cautious. Yet, Open Interest data tells a different story. Positions in MemeCore futures jumped 9.4% to $25.66 million, showing traders open new bets in anticipation of further upside. Futures inflows outpaced outflows by nearly $400,000, pushing net inflow close to $365,000 down from previous highs but still positive, illustrating that speculative appetite hasn’t faded.
Meanwhile, the Long/Short ratio on most exchanges moved above 1, resting at 1.07, emphasizing a bullish tilt as investors leaned toward long positions expecting price gains. On the spot market, though, netflows turned slightly negative, with a modest $26,000 outflow, suggesting some traders bought in, chasing the rally. This pattern often precedes short-term price pumps driven by speculative demand, reflecting sentiment swings within the memecoin arena.
Technically, MemeCore’s Relative Strength Index recently crossed above 40 and is approaching 50, signaling buyers are stepping back in but have yet to dominate the scene. The price also reclaimed its 20-day EMA, adding to signs of short-term strength. Should demand sustain, the RSI could surpass 50, potentially pushing MemeCore above its 50-day EMA near $1.7, a key milestone for confirming a stronger rally. Failure to hold current supports, however, may trigger a retracement back toward $1.1. This price action unfolds amid a broader sector revival, hinting at more volatility ahead for memecoin investors.
