Analysis: MemeCore (M) corrects sharply after a week of strong gains

Source: CritpoTendencia Original Title: Analysis: MemeCore (M) corrects sharply after a week of strong gains Original Link: After a week marked by significant recoveries, MemeCore (M) experiences a pronounced correction during the current session.

At the time of writing, M is trading with daily losses of 7.6%, weekly gains of 39.9%, and monthly losses of 25.1%.

Thus, the memecoin once again demonstrates its characteristic pattern of abrupt bullish movements, usually followed by corrections of similar magnitude.

What is behind the current movements of M?

First of all, it is crucial to highlight the high volatility that has characterized this memecoin since its launch in July of this year. Since then, the asset has experienced a notable rise from $0.058 to current levels and has managed to position itself as the third-largest memecoin by market capitalization, overtaking PEPE to the fourth place.

However, these increases have been accompanied by deep corrections, as observed in the current session. This behavior is compounded by the overall volatility of the cryptocurrency market, which has contributed to amplifying M’s movements, although today the market as a whole remains relatively stable.

On the other hand, another factor fueling the price instability are the manipulation suspicions that arose in November, when reports circulated about alleged significant liquidations carried out by the project team. Although the price managed to recover after that episode, the market’s sensitivity to any negative news remains high.

M Chart Analysis: Key levels to watch

In M’s charts, it is observed that the price managed to break through relevant resistance levels before entering a significant correction. In particular, on December 13, the asset broke the $1.90 resistance, although that zone ended up acting as a strong sell and profit-taking area.

Resistance levels to watch:

• $1.84: daily high and immediate resistance. Surpassing this could enable a technical rebound.
• $1.90: the most relevant short-term resistance, where the price was strongly rejected on December 13.
• $2.00: key psychological resistance and potential target if the previous level is recovered.

Support levels to consider:

• $1.64: solid short-term support, where the price finds an immediate floor.
• $1.50: a relevant psychological level, though with less technical strength.
• $1.25: the strongest support in the current range, with clear buying presence.

The RSI, at 35 points, indicates that M’s price is approaching the oversold zone, although it has not entered it yet, so further retracements in the short term are not ruled out.

Important data to consider about M

Despite the current correction and its high volatility, M has accumulated historical gains of 2810%.

However, the token is still 43% below its all-time high of $2.96.

M continues to widen its lead over PEPE, and its market capitalization now exceeds that of the frog memecoin by approximately $370 million.

The total memecoin market capitalization remains relatively stable at the time of writing, at $41.86 billion, with a daily volume of $3.36 billion.

Meanwhile, the total cryptocurrency market capitalization stands at $3.05 trillion, with a slight daily increase of 0.17%.