MemeCore (M) has experienced a significant 15% decline over the past 24 hours, according to reports from AMBCrypto and Phemex News. The cryptocurrency continues to face intensified selling pressure, with indicators across derivatives data, chart structure, and liquidity positioning suggesting that the current downtrend may persist. Bearish dominance appears to be strengthening rather than easing, as evidenced by the substantial price movement and deteriorating market sentiment.
Liquidity data reveals a growing concentration of short positions in the MemeCore perpetual futures market, as reported by AMBCrypto and Phemex News. According to recent data from CoinGlass, Open Interest 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 April 28th, indicating that short traders are now paying funding fees. This shift aligns with a $12.3 million decrease in leveraged positions over the same period, suggesting that the remaining capital has large short exposure as bearish conditions persist.
MemeCore's market structure remains firmly bearish, though key technical levels continue to act as decision points for price direction, according to AMBCrypto analysis. The decline began on April 24th after testing the upper band of Bollinger Bands, with the asset currently trading near the middle band. If this level fails to hold, the downtrend could extend toward the lower band, implying a potential additional decline of up to 37%. The Money Flow Index (MFI) has continued to trend downward, tracking capital inflows and outflows and signaling sustained capital exit from the asset, as reported by Phemex News.
Despite the bearish technical backdrop, community sentiment reflects only a modest shift in outlook, as reported by AMBCrypto and Phemex News. At press time, sentiment metrics have edged higher from 45.7% to 50, indicating a slight increase in optimism but still placing the market in a neutral zone with no clear majority between bullish and bearish participants. Trading volume surged by 104% in the past 24 hours to reach $114 million, with the combination of rising volume and falling price indicating strong participation from traders likely positioning for further downside movement. However, liquidity flows and market structure suggest that downward pressure is likely to persist in the near term.
