MemeCore drops 14%: open interest falls, descending triangle tightens—buyers test $2.72 support
MemeCore (M) fell 14.16% in 24 hours, showing sellers regained control after weeks of volatile trading. Despite the drop, volume rose 11.72% to $10.63M, suggesting traders were actively repositioning rather than fully exiting.
Derivatives data points to weaker leverage appetite. Open interest fell 18.06% to $83.22M, typically consistent with long liquidations and risk reduction. The decline in both price and open interest suggests capital leaving the market, not fresh aggressive shorting. Until open interest stabilizes, speculative demand for MemeCore may remain subdued.
Technically, MemeCore is still trapped inside a descending pattern. Price rejected higher levels and formed lower highs under a resistance trendline from the April peak near $4.70. The chart is narrowing into a descending triangle with key resistance around $3.40 and a stronger barrier near $4.00. RSI slipped to 42.87 (below 50), indicating buyer momentum has weakened after the latest rejection.
Liquidation clusters show where the next moves may concentrate. Upside liquidity sits around $3.10–$3.25 (an “upside magnet” if bulls regain control). Additional liquidity lies near $2.75–$2.80 around current support. Traders are likely to watch MemeCore’s ability to defend ~$2.72; failure would increase odds of another leg down.
Bearish
The news is bearish because MemeCore’s selloff is accompanied by leverage unwinding: price fell ~14% while open interest dropped ~18%. This combination often signals that traders are cutting risk rather than adding new positions, which can cap rallies near resistance.
In past selloffs across crypto, a synchronized decline in price and open interest frequently precedes either a slow bleed lower (if spot demand is weak) or a brief dead-cat bounce that fails at the nearest liquidity/overhead resistance bands. Here, resistance is defined around $3.40 and $4.00, while key support is near $2.72. Liquidation clusters add near-term mechanics: upside liquidity at $3.10–$3.25 can attract short-term squeezes, but the larger overhead pockets suggest rebounds may face selling pressure.
Short-term, traders may expect higher volatility around $2.72–$2.80 and potential attempts to reclaim $3.10. Longer-term, MemeCore would likely need open interest to stabilize and RSI to recover toward/above 50 to rebuild bullish momentum; otherwise the descending triangle resolution risk remains elevated.