Key control
Memecore increased to $ 2.55 before returning on a setback, since Spot buyers handled tickets, while futures merchants bowed bassists with negative financing rates.
Memecore [M] It joined 12.2% to a new historical maximum of $ 2.55 before being slightly returning to $ 2.53 at the time of publication.
During the same period, its market capitalization increased by 12.12% to a new historical maximum of $ 2.6 billion, reflecting the massive capital entry.
But what really triggered the recent increase?
Retail Buyers Action Main Spot
After the vendors dominated the spot market on September 13, retail buyers jumped and moved them.
According to Cinalyze, Memecore saw 82.45k in purchase volume compared to 65.11k in sale volume. As a result, the Token recorded a positive purchase of Delta sales of 17.3K, a clear sign of accumulation of aggressive spots.
Source: Coinalyze
The exchange activity echoed this trend.
Coinglase data showed that Netflow Spot became negative after increasing positive the previous day. Netflow fell to -82k from +16k, which suggests higher exits and accumulation.
Source: Canderlasss
That turn established a bullish backdrop, since the domain of the past point by buyers has often preceded the demonstrations.
The futures market leans short
Surprisingly, while the Spot market turned to accumulation, the futures market approached the market with caution.
Source: Canderlasss
According to the data, Memecore registered $ 109.49 million in tickets versus $ 106.33 million at exits at the time of publication, leaving future Netflow at $ 3.16 million. This marked a 69% decrease for 24 hours.
Despite the growing capital entry, financing rates remained mainly negative.
Source: Coinalyze
Coinalyze data showed Memecore’s financing rate at -0.055 and predicted the financing rate at -0.0134. The rates have remained negative for two days, turning positive only once in the last week.
In general, when financing rates are negative, it suggests that the majority of market participants in futures are bassists and take short positions.
Source: Coinalyze
In fact, the long/short ratio fell to 0.57, with 63.5% and long to 36.5% shorts. Such positioning reflected the bassist conviction despite the spot rally.
Can bulls maintain impulse?
Ambcrypto’s analysis found that Memecore joined the speculative demand for spots, while Bears leaned on futures, unleashing a brief tight.
At the time of publication, TrainingView Data still showed a fragile bullish trend. The stochastic RSI remained below its signal at 60, while the relative vigor index sat at 0.34 below its signal line.
Source: TrainingView
Usually, when these impulse indicators are within a bearish zone, it suggests a weak tendency and a possible inconvenience investment.
Therefore, if the prevailing market conditions persist, Memecore could face a strong correction and fall to $ 2.1.
A bullish crossover in RVGI and RSI stochastic would be needed to maintain the trend to the living holder and open for another maximum of all time.