Over $870,000 in Shorts Liquidated as MemeCore ($M) Price Spikes 14%

MemeCore ($M) caught the market’s attention on Monday with a sharp rally, surging nearly 14% in 24 hours. The token’s price climbed from a low of $0.4376 to an intraday high of $0.4949, marking a decisive break from its recent sluggish trading range.

This breakout marks a decisive shift from the earlier sluggish trading behavior and signals a clear short-term bullish trend. Despite a dip in trading volume, $M has managed to maintain upward traction, raising questions about what’s fueling this price surge.

Short Squeeze Appears to Be the Main Driver

The main driver behind the MemeCore token’s price surge is a classic short squeeze. Data from the derivatives market shows that over the last 24 hours, $874,800 worth of short positions have been liquidated, according to data from Coinanalyze. In contrast, only $286,700 in long positions were closed out.

Source: Coinanalyze

This imbalance suggests that traders betting against $M were caught off guard by the upward move, and their forced liquidations helped propel the price even higher. The majority of this activity took place on high-volume exchanges like Binance and Bybit.

Breakout Clears Key Technical Zones

The rally gained traction in the second half of the day, breaking through a key consolidation zone around $0.46–$0.47. This area had previously acted as a bottleneck, with price action trapped in sideways movement. Once that resistance was breached, momentum pushed $M sharply higher.

Source: CoinMarketCap

The $0.4376 level now stands as a strong support zone, forming the base of the current uptrend. If the price retraces, this zone could serve as a springboard for another rally. Meanwhile, the price is brushing up against its next critical level $0.50. Crossing this psychological barrier could bring further bullish attention and new entry positions.

Momentum Indicators Show Room to Run

Memecore/USD daily price chart, Source: TradingView

Technical indicators on the daily chart are supporting the bullish outlook. The MACD (12, 26) is in positive territory, currently at 0.02242. This shows that momentum is building steadily.

Meanwhile, the RSI sits at 63.75, comfortably below the overbought threshold of 70. This suggests the rally still has room to run before traders start taking profit.

Despite the price jump, trading volume has dipped by about 19%, now sitting at $32.06 million. This discrepancy could indicate that the move is driven more by a lack of selling pressure than by aggressive buying. Still, the volume-to-market-cap ratio of 4.08% shows healthy liquidity for traders.

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