At the time when the majority of cryptocurrencies are struggling with a negative action, Memecore ($M) has gained an unexpected hit on the market with its massive bullish breakout rally. Notably, it has gained more than 22%, making it record a 7-day gain of approximately 30%. But why is Memecore crypto rising?
Factors that are Underlying the Rally
Currently, the circulating supply of this memecoin is 1.57 billion M tokens with a total supply of 10 billion tokens, suggesting scarcity to be a major factor to consider for the rally.
In addition, the social movement seems to be helping in pushing prices up. There has been an increased interaction on social media accounts such as X and Telegram, which can be a good catalyst to a meme token explosion.
Let us now understand more about the memecoin’s potential price prospects.
Memecore Price Prediction: Sustained Bullish Action or A Crash Underway?
Even when the rest of the crypto market shows increased signs of a bearish action, Memecore has proven to be the best-performing asset. The M price has increased from a base rate of approximately $0.34 to a high of about $0.52 and finally stabilized at the range of about $0.43.
This is a clear breakout out of a consolidation phase as this memecoin records a sharp green candle in the daily chart.
The market cap of the token has already reached the mark of $692.29 million, which means a 21.64% increase. Moreover, the daily trading volume also increased by 8.99% to $34.47 million, indicating continued interest and a positive sentiment from retail and institutional investors.
Although Memecore shows bullish signs as it is constantly rising despite the current market trend, investors need to stay cautious. Moreover, the support above the level of $0.43 may indicate a continuation of a bullish trend. Negatively, the inability to maintain it may be followed by a rapid decline.
Also Read: Bitcoin, Ethereum & XRP Price Prediction For August: What Lies Ahead?
