MemeCore (M) Price Soars 3% Despite Warning from ZachXBT

On April 22, MemeCore once again witnessed a spike of 3% on the daily chart, following a streak of green candles on the daily chart for three consecutive days.

In the last 7 days, the cryptocurrency has soared around 60%, securing its place in the top 20 cryptocurrencies with the largest market capitalization. At the time of writing this, MemeCore is currently trading at around $4.52, with a spike of 3.29%, according to CoinMarketCap. The cryptocurrency holds a market capitalization of around $5.8 billion with a daily trading volume of $23.34 million.

MemeCore Soars 3% as Token Price Reaches Fresh Daily Highs

MemeCore M1.40% seems to be transitioning from a long consolidation phase to an expansion phase on both the 4-hour and daily timeframes. The recent breakout attempt suggests the presence of the pattern. It is expected to form a pennant or compression structure resolving to the upside direction.

However, there are chances that the recent breakout may be a false alarm. In the memecoin sector, such breakouts rely on temporary hype. It means that if MemeCore fails to maintain this momentum and faces downward pressure, it would be a sign of a bull trap. This generally happens when prices clearly break high only to drop sharply later on to test range-bound conditions. At this level, the token trades between major support and resistance levels.

According to the current price chart on TradingView, the relative strength index is sitting at around 53 on the 14-day timeframe. This indicator is telling that the cryptocurrency has strong upward momentum without entering into overbought levels at around 70. It also suggests that there might be a pullback if things go south.

Moving averages are clearly giving buy signals, with the 10-period exponential moving average around $4.32. This is a near-term support while the 20-period simple moving average holds around $4.26.

These indicators suggest that if the cryptocurrency soars above the $4.58, it might see further gains. On the other hand, if the cryptocurrency falls below $4.18, then it might test major lows.

Bitcoin is trading at around $79,000, and this steady rise in the leading cryptocurrency comes with growing institutional adoption and Bitcoin exchange-traded fund inflows. This upward momentum has sparked a bullish sentiment across the entire crypto market.

The memecoin sector reacted positively today to Bitcoin’s bullish momentum around $78,000. The MemeCoin Index has soared to 3.4% on sentiment returns, and alternative coins gained strength. The overall memecoin sector soared around 4% in the last 24 hours.

MemeCore Holders Ignore ZachXBT Warnings

The ZachXBT controversy has drawn attention to this project, though the token has shown resilience in the face of the claims. The popular on-chain sleuth has raised questions about the project’s valuation and alleged that insiders may control around 90% of the supply. He also mentioned suspicious fund flows linked to the Kraken listing.

Despite these serious allegations, MemeCore has not responded, and it has continued to expand its ecosystem. Buyers have also ignored this warning and purchased the dip.

Protocol revenue from trading fees on MemeMax and other ecosystem tools supports ongoing development without heavy reliance on external funding. The team is working on integrations such as cross-chain bridges and prediction market features.