MemeCore falls 27% – Traders, don’t miss THIS critical level next!
Can $0.39 survive the clash between bullish bets and bearish flows?
Key Takeaways
- MemeCore dropped 27% on the 15th of July, testing a critical $0.39 support. While Funding Rates and Long/Short Ratio favor bulls, on-chain data shows outflows and distribution, hinting that the trend may soon flip.
After a sensational 107% rally over the past week, MemeCore [M] showed its first signs of fatigue on the 15th of July.
The memecoin dropped by 27% in 24 hours, at press time, bringing it to a critical juncture. It traded at a support zone that could determine whether a rebound is possible or if recent gains will be wiped out.
MemeCore hanging by a thread?
M’s past day drop has triggered heavy liquidations in the derivatives market. Over $912,800 worth of long positions have been burned, as traders capitulated in response to the sell-off.
As of the 15th of July, the price had closed four consecutive 4-hour candles near the $0.39 support, according to TradingView. Despite several intraday bounces, bulls failed to reclaim momentum.
Without support below this range, a breakdown could cascade into a larger drop—unless spot buyers step in with strength.
The sideways action also signals a lack of conviction, as traders wait for stronger cues before repositioning.
What does the broader market sentiment say?
While the sell-off was severe, derivatives data still indicated an optimistic outlook.
Data from CoinGlass revealed that MemeCore saw a Netflow of $564,000 across centralized exchanges over the past 72 hours, pointing to continued accumulation by retail and whale investors.
At the same time, the Long/Short Ratio has held above 1.0, reinforcing a bias toward bullish bets, even as bearish pressure mounted.
Adding to the bullish tilt is the surge in MemeCore’s Funding Rate, which stood at 0.0094, as of writing, according to Coinalyze.
A positive Funding Rate suggests that long positions dominate the market, with traders paying a premium to maintain their positions.
Bearish picture in sight
Technical indicators presented a contrasting narrative.
The Accumulation/Distribution (A/D) line and Chaikin Money Flow (CMF) were both trending lower, signaling a bearish divergence.
The A/D Line showed a distribution of over 32 million M tokens in the prior 24 hours, confirming selling pressure from larger wallets.
The CMF remains in negative territory with a reading of -0.34, suggesting that outflows are exceeding inflows, an indication that bears are applying downward pressure.
MemeCore’s next move hinges on how market sentiment shifts.
If both the spot and derivatives markets turn bearish, a further drop seems likely.
However, if technical indicators flip bullish, the ongoing pullback could prove to be just a corrective phase, setting the stage for another rally.
