MemeCore (M) surges 40% on 107% volume spike; targets $2.57 amid rising OI
MemeCore (M) is rallying sharply, up about 40.36% to ~$2.43 as spot trading volume jumped 107% to $31.12M. The breakout moved decisively above $1.91, which flipped from resistance to support and suggests a shift from range-bound consolidation to expansion.
Traders are now watching the $2.57 supply zone, where prior rejections occurred. MemeCore is trading near ~$2.49 as it approaches that level, and the article argues aggressive buying is driving the vertical move. However, momentum looks stretched: RSI is around 77, deep in overbought territory.
Derivatives positioning is also heating up. Open interest (OI) rose 114.19% to about $81.56M, signaling more leveraged participation as price breaks higher. This can strengthen the trend if buyers keep defending above $1.91, but it also raises the risk of instability and rapid liquidation-driven volatility.
Liquidation data shows both sides getting hit. Total short liquidations were ~$122.73K vs long liquidations ~$104.74K, while on Binance long liquidations ($87.61K) exceeded short liquidations ($62.74K), implying the rally is not purely one-directional and could see quick reversals if demand fades.
For traders, MemeCore’s key levels are $1.91 (support/structure) and $2.57 (near-term upside target). Rising OI means follow-through is possible, but crowded leverage increases the odds of whipsaws before any sustained continuation.
Bullish
The news is net bullish for MemeCore because spot demand is expanding (volume +107% alongside a ~40% price jump) and the price has reclaimed $1.91, indicating a genuine market-structure shift rather than a low-liquidity wick. The highlighted upside “target” is $2.57, and RSI strength without bearish divergence supports near-term momentum.
However, the bullish case is tempered by leverage risk. Open interest rising 114% signals many traders are adding positions at once—similar to past breakout phases where crowded leverage later amplified volatility. When price approaches a resistance/supply zone, that leverage can trigger fast liquidation cascades if buyers pause. The mixed liquidation profile (and higher Binance long liquidations) also suggests late longs are being shaken out intraday, which can produce sharp wicks in both directions.
Short term: bias remains upward as long as MemeCore holds above $1.91, but expect higher-than-normal volatility near $2.57 due to overbought conditions and leveraged OI. Long term: if the breakout sustains with continued volume and OI growth stabilizes (or flips to healthier consolidation), it can support further upside beyond the supply zone; if not, the elevated OI could unwind quickly and revert price back into the prior range.