Key control
Memecore increased 93% to an AH $ 1.1, since whales bought 51.9 million tokens and open interest increased by 211%. With the construction of impulse, the question is whether m can sustain the upward trend.
Memecore [M] It bounced in its recent minimum of $ 0.39 and recovered from 93.91% to a new historical maximum of $ 1.1 before returning to a little of $ 0.983 at the time of publication.
During the same period, the Altcoin negotiation volume increased by 198% to $ 43.9 million, while its market capitalization increased 91% to $ 1.1 billion, then turned to $ 926 million.
Naturally, when the volume and lid of the market increase together, says constant tickets and a more vigorous activity in the chain.
But can mecore keep these profits?
Whales buy the sauce
As the Memecoin fell below $ 0.4, the whales entered the market to accumulate.
According to Nansen, the main memecore holders increased their shares by 33% to 235.8 million, equivalent to 4.47% of the offer.
As such, Memecore Whales bought 51.9 million tokens and just downloaded 800,000. In turn, this resulted in a change of ballero balance in around 51 million, a clear sign of whale accumulation.
Source: Nansen
The derivative market becomes optimistic
Interestingly, when we examine the derivative market, we found that investors rushed to the market as prices recovered, seeking strategic positioning.
According to Coinglass, Memecore’s open interest (OI) increased 211.12% to $ 78 million, at the time of publication, while the volume increased 957.96% to $ 808 million.
Source: Canderlasss
In general, when the volume and the OI rise, it indicates a deeper participation and the capital entry into future.
In addition, Memecoin’s long/short relationship stood at 1.008, indicating a heavier demand for long positions. In fact, most merchants bet more up.
The earnings crash at the party.
As expected, after Memecore recovered from correction, the headlines rushed to retire.
According to Coinalyze, La Moneda registered 71,000 in sales volume versus 68,000 in purchase volume, leaving a small negative purchase delta -3,000.
Source: Coinalyz
In addition, the exchange activity reflected the sales pressure.
According to Coinglass, Memecore registered a positive netflow spot for two consecutive days.
At the time of publication, Netflow was $ 93.3k, indicating a higher output flow compared to the entrance, a clear sign of aggressive sales.
Source: Canderlasss
Can M sustain the upward trend?
According to Ambcrypto’s analysis, Memecore recovered when the whales returned to the market and the demand for futures shot.
For that reason, its stochastic RSI increased to 73.76 at the time of the publication after an upward crossing the previous day. Similarly, its relative force index (RSI) rose to 83.6, validating the increase even more.
Source: TrainingView
In general, when these impulse indicators enter into bullish areas, they highlight a strong and ascending impulse, mainly driven by a solid purchase pressure.
That said, if the whales continued to accumulate, the upward trend would probably persist, with the memecoin making a new historical maximum.
On the contrary, if earnings overcome the demand for whales, it could follow a correction, with $ 0.7 as a key support.
