MemeCore slides 15%: Why THIS support could decide M’s next move

MemeCore [M] continues to face intensified selling pressure, recording a 15% decline over the past 24 hours at press time.

Indicators across derivatives data, chart structure, and liquidity positioning suggest that the current downtrend may persist. In fact, bearish dominance appears to be strengthening rather than easing.

Liquidity builds around short positioning

Liquidity data points to a growing concentration of short positions in the MemeCore perpetual futures market.

According to recent data from CoinGlass, Open Interest (OI) has decreased while the Funding Rate has turned negative, a combination that typically signals rising short dominance.

The Funding Rate dropped to the negative region in the early hours of the 28th of April, indicating that short traders are now paying funding fees, a sign that the market is skewed toward downside expectations.

This shift aligns with a $12.3 million decrease in leveraged positions over the same period, suggesting that the remaining capital has a large short exposure as bearish conditions persist.

From a momentum standpoint, trading volume surged by 104% in the past 24 hours to reach $114 million. The combination of rising volume and falling price indicates strong participation, with traders likely positioning for further downside.

Bearish structure keeps downside risks intact

MemeCore’s market structure remains firmly bearish, though key technical levels continue to act as decision points for price direction.

Analysis based on Bollinger Bands highlights these critical zones. The indicator consists of three levels: the middle band, the upper resistance band, and the lower support band.

Price action shows that M’s decline began on the 24th of April after testing the upper band. At the time of writing, the asset traded near the middle band, which can function as either support or resistance.

If this level fails to hold, the downtrend could extend toward the lower band, implying a potential additional decline of up to 37%.

Further reinforcing the bearish outlook, the Money Flow Index (MFI) has continued to trend downward. This indicator tracks capital inflows and outflows, and its decline signals sustained capital exit from the asset.

The persistent drop in MFI suggests that selling pressure remained dominant, increasing the likelihood of continued downside movement.

Community sentiment shows limited conviction

Despite the bearish technical backdrop, community sentiment reflects only a modest shift in outlook.

At press time, sentiment metrics have edged higher from 45.7% to 50, indicating a slight increase in optimism. However, this still places the market in a neutral zone, with no clear majority between bullish and bearish participants.

Overall, there is no strong consensus on MemeCore’s direction in the near term. While sentiment remains balanced, liquidity flows and market structure continue to favor the bears, keeping downward pressure firmly in place.

Final Summary

• MemeCore perpetual market activity shows clear signs of capital rotating toward the short side, reinforcing downside momentum.
• Structural support levels remain intact for now and are becoming critical in defining the asset’s near-term trajectory.