MemeCore fell 14.16% in the past 24 hours, a significant slowdown in its upward trend over the previous weeks. Despite the price pullback, market activity did not cool down; in fact, trading volume rose to $10.63 million, an increase of 11.72% from the previous day. This suggests that funds are not simply leaving the market, but rather readjusting positions in response to the decline.
Open interest fell to $83.22 million.
Derivatives data also weakened. MemeCore's open interest fell 18.06% to $83.22 million, indicating that leveraged traders exited quickly during this pullback.
Such changes typically indicate long position liquidation and risk contraction, rather than a large-scale increase in short positions. The simultaneous decline in both prices and open interest also reflects a weakening willingness among short-term speculative funds to participate.
- 24-hour decline: 14.16%
- Trading volume: US$10.63 million
- Open interest: $83.22 million
The $2.72 support level is being tested.
From a technical perspective, MemeCore remains under pressure from a downtrend line extending from its April high of $4.70. Despite several attempts to rebound over the past few weeks, the highs have consistently moved lower, with selling pressure repeatedly appearing above.
The price has now returned to the key support zone around $2.72, and the overall structure has converged into a descending triangle. Short-term resistance is at $3.40, with stronger resistance around $4.00.
Liquidity is more concentrated above $3.10
Liquidity distribution data shows that the $3.10 to $3.25 range has accumulated significant liquidity, and this area could be the first price test if buying activity picks up. However, this also means that once the price rebounds into this range, a more intense battle between bulls and bears may occur.
Below, some liquidity is concentrated between $2.75 and $2.80, near the current support zone. This distribution provides some short-term cushioning, but larger liquidity remains above. Overall, market sentiment remains cautious until open interest stabilizes.
