MemeCore (M) has stunned traders with a sharp rebound, climbing more than 90% over the past seven days after an 82% crash in late June. The token is currently trading near $1.39, holding above its 20- and 50-period exponential moving averages (EMAs), a sign that buying interest remains active despite recent profit-taking.
According to CoinGecko data, M rose from below $0.70 to an intraday high of approximately $1.79 during the week before easing. The recovery follows one of the steepest declines in the token's history, when it plunged from above $2.80 to around $0.51 in late June amid speculation over insider activity and project-related risks.
Security Clarifications and Buyback Restore Confidence
The MemeCore development team responded by releasing a series of public security updates. They clarified that the Layer-1 network had not been compromised, attributing the disruption to coordinated phishing campaigns, fake airdrop websites, and a fraudulent token using the MemeCore name on another blockchain. The team urged users to rely only on official channels and distinguish the genuine network from copycat projects.
These clarifications helped ease uncertainty. By publicly documenting the difference between the official blockchain and malicious impersonators, the developers convinced many traders that the security issues were external, not internal. This restored confidence among investors who had remained on the sidelines after the collapse.
Another catalyst was a treasury buyback program announced by the MemeCore Foundation. The team stated that no core infrastructure or protocol failures occurred during the crash and authorized a $400 million buyback to support the ecosystem. The recovery accelerated as buying returned to spot markets.
Short Squeeze Adds Momentum
Traders who had bet on further downside were caught off guard as the token reclaimed key price levels. Breaking above resistance around $0.80 and moving through the $1.20 area forced many leveraged short positions to close over the past 24 hours, adding fresh buying pressure that pushed M to its weekly high near $1.79, according to Coinglass data.
Although early buyers locked in profits near that high, selling has so far failed to drive the token back toward its June lows. Instead, price action has formed higher lows, suggesting demand remains active even after the strongest part of the rally cooled.
Technical Analysis: Consolidation Phase
The 4-hour chart shows M entering a consolidation phase rather than a fresh downtrend. The token is trading near $1.39, sitting almost directly on both the 20- and 50-period EMAs, which have flattened after supporting the recent rebound. This clustering often indicates that buyers and sellers are temporarily balanced while the market decides its next direction.
The next technical hurdle sits near the 100 EMA around $1.55, where recent rallies have repeatedly slowed. Above that, the 200 EMA near $1.98 remains the strongest long-term resistance from the late-June breakdown. A sustained move above the 100 EMA would likely strengthen the recovery, while reclaiming the 200 EMA would signal that the market has absorbed much of the previous selling pressure.
Momentum indicators also point to a market that has cooled after the initial surge rather than one that has become overheated. The 4-hour Relative Strength Index (RSI) has recovered to around 53, returning to neutral territory after rebounding from deeply oversold conditions during the June sell-off. An RSI holding above 50 generally suggests buyers still retain a slight advantage, although it does not yet indicate strong bullish momentum.
The current chart structure presents a constructive picture as long as support around the 20 and 50 EMA cluster near $1.35 continues to hold. A successful break above $1.55 could encourage another attempt toward the recent high near $1.79, while failure to maintain the moving-average support may expose the token to a pullback toward the $1.20-$1.25 area where buyers previously stepped in.
For now, the recovery remains intact, although the next decisive move will likely depend on whether buyers can overcome overhead resistance instead of allowing consolidation to turn into another wave of selling. For more on recent crypto market dynamics, see Bitcoin Drops Below $64K as Long Liquidations Accelerate, Rebound Falters and Lighter's LIT Token Surges 21% to 5-Month High: Key Levels to Watch.
This article is for informational purposes only and does not constitute financial advice.
