Main to remember
MEMECORE jumped 93% to $ 1.1 ATH while whales bought 51.9 million tokens and open interest increased by 211%. With the momentum, the question is whether m can support the upward trend.
MEMECORE (M) rebounded on its recent lower $ 0.39 and rallied 93.91% to a new summit of $ 1.1 before a slightly giving to $ 0.983 at the time of the press.
During the same period, Altcoin’s negotiation volume jumped from 198% to $ 43.9 million, while its market capitalization jumped 91% to $ 1.1 billion, then recovered with $ 926 million.
Naturally, when the volume and market capitalization increases together, it signals regular entries and a more vigorous chain activity.
But can he keep these earnings?
The whales buy the dip
While the same has dropped below $ 0.4, whales entered the market to accumulate.
According to Nansen, the best holders of the same have increased their assets by 33% to 235.8 million, which is equivalent to 4.47% of the offer.
As such, the same Whales bought 51.9 million tokens while discharging that 800,000. In turn, it resulted in a change in balance of whales of around 51 million, a clear sign of whale accumulation.
Source: Nansen
The derivative market becomes optimistic
Interestingly, when we examine the derivative market, we see that investors rushed to the market as prices are recovered, seeking strategic positioning.
According to Coinglass, the open interests of Memecore (OI) jumped from 211.12% to $ 78 million, at the time of the press, while the volume jumped from 957.96% to 808 million dollars.
Source: Coringlass
As a rule, when the volume and the OI increase together, it indicates a more in -depth participation and an influx of capital in the term contracts.
In addition, the long / short ratio of the same was 1.008, indicating a heavier demand for long positions. In fact, most merchants were parking on more increase.
The takers to the profit crush the party.
As expected, after Memecore rebounded the correction, the holders rushed to withdraw.
According to Coanyze, the part recorded 71,000 in volume of sale against 68,000 in volume of purchase, leaving a small negative purchase delta of -3,000.
Source: Coalaryz
In addition, the exchange activity reflects the sale pressure.
According to CorciLass, the same has recorded a Netflow positive spot for two consecutive days.
At the time of the press, Netflow was $ 93.3,000, indicating a higher outing compared to Flow, a clear sign of aggressive sales.
Source: Coringlass
Can it support the upward trend?
According to Ambcrypto’s analysis, the same has rallied while the whales returned to the market and the demand for term contracts soaring.
For this reason, his stochastic RSI jumped at 73.76 at the time of the press after a bullish crossing the day before. Likewise, his relative force index (RSI) increased to 83.6, validating more recovery.
Source: tradingView
As a rule, when these momentum indicators penetrate in bullish areas, they highlight a strong ascending dynamic, mainly driven by a solid purchase pressure.
That said, if the whales continued to accumulate, the upward trend would probably persist, the same making a new summit of all time.
Conversely, if the providers for profit exceed the demand for whales, a correction could follow, with $ 0.7 as a key support.
