Significant market movement took place with MemeCore ($M) surging by 14% in just one day, primarily driven by short liquidations that shifted trader sentiment.
Impact of Short Liquidations on Price
The price of MemeCore ($M) jumped from $0.4376 to $0.4949 due to major short liquidations. Over the course of the day, short liquidations amounted to $874,800, while long liquidations were only $286,700.
Breaking Through Key Resistance Level
As momentum continued, the price reached a resistance zone between $0.46 and $0.47, previously holding it back. Breaking this level activated bullish pressure, pushing the price closer to the psychological barrier of $0.50.
Technical Indicators and Their Significance
Technical indicators remain favorable for further gains. The MACD is in positive territory, and the Relative Strength Index (RSI) indicates that the token is not overbought and still has space for growth.
The rapid increase in MemeCore ($M) along with significant short liquidations indicates a bullish sentiment in the market. Its ability to surpass resistance combined with supportive technical indicators suggests potential for continued upward movement.
