- Short sellers liquidated as MemeCore unexpectedly surges nearly 14%.
- $M breaks resistance, eyes psychological $0.50 level amid momentum.
- Technical indicators support continued bullish trend after short squeeze.
MemeCore ($M) captured significant market attention on Monday after a sudden 14% price spike unsettled bearish traders. The token jumped from $0.4376 to an intraday high of $0.4949, breaking out of a slow-moving range that had capped movement for days.
The rally was not driven by typical buying momentum alone. Instead, data confirms a significant short squeeze was the core reason for the surge.
Coinanalyze data shows that short sellers had to close their positions when $M rallied unexpectedly. Over the past day, short liquidations amounted to $874,800, while long liquidations only reached a mere $286,700.
Source: Coinanalyze
Such asymmetry suggests unwinding of overleveraged bear bets and an increase in price with each successive wave of forced sales. The majority of this squeeze activity was witnessed in big exchanges such as Binance and Bybit, where liquidity and open interest are always high.
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Later in the day, momentum intensified, with the $M reaching a persistent resistance zone between $0.46 and $0.47. This level has been resisting upward movement, and it has prevented the token from moving above that range. After the break, bullish pressure kicked on and pushed further toward the $0.50 level.
At this point, $0.4376 is a significant support line and offers the bulls a potential catapult should the price tumble. With the price congealing at $0.50, traders are on the lookout as to whether there will be a breakout to a higher profit way above this psychological barrier.
Short Liquidations Trigger Bullish Momentum as Technicals Stay Supportive
Technical indicators remain favorable for further gains. The MACD reading sits in positive territory at $0.02242, confirming upward momentum is still active. The Relative Strength Index (RSI) is at 63.75, which indicates that the token is not overbought and has plenty of grounds to grow yet.
Source: Tradingview
Although trading decreased by 19 percent to $32.06 million, it has not undermined price strength. The poor turnover percentage indicates weak overall activity, but at the same time, the ratio of volume to market cap is stable at 4.08%, which means good liquidity and trader interest.
The short squeeze has become one of MemeCore’s most important market catalysts, and now the sentiment is moving heavily in favor of bulls. If $M clears $0.50, further short liquidations and new entries might take place.
MemeCore’s explosive 14% jump has left bearish traders scrambling as a powerful short squeeze pushes price action higher. With momentum and technicals aligned, the rally may not be over yet.
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