MemeCore has experienced a significant downturn, declining by 15% over the past 24 hours. Analysis of market data suggests this downward trend is likely to continue.

Bearish Dominance Strengthens

Bearish dominance is becoming more pronounced, as evidenced by derivatives data, chart patterns, and liquidity positioning. This indicates a growing expectation of further price decreases.

Short Positions Increase

Liquidity data from CoinGlass reveals a rise in short positions within the MemeCore perpetual futures market. Open Interest (OI) has decreased while the Funding Rate has turned negative, signaling increased short dominance.

The Funding Rate dropped into negative territory on April 28, meaning short traders are now paying funding fees. This is a clear indication of a market skewed towards expecting lower prices. A $12.3 million decrease in leveraged positions over the same period further supports this, suggesting remaining capital is heavily short-biased.

Volume and Technical Analysis

Trading volume has surged by 104% in the last 24 hours, reaching $114 million. This increase in volume combined with falling prices suggests strong trader participation anticipating further declines.

The bearish market structure remains intact, with key technical levels acting as potential turning points. Bollinger Bands highlight critical zones – the middle band, upper resistance band, and lower support band.

MemeCore’s decline began on April 24 after testing the upper band. Currently, the asset is trading near the middle band, which could act as either support or resistance. A failure to hold this level could extend the downtrend towards the lower band, potentially resulting in an additional 37% decline.

Money Flow Index Signals Continued Selling

The Money Flow Index (MFI) continues to trend downward, indicating sustained capital outflow from the asset. This persistent drop suggests ongoing selling pressure and increases the likelihood of further price decreases.

Community Sentiment Remains Neutral

Despite the bearish technical indicators, community sentiment has only modestly shifted. Sentiment metrics have increased slightly from 45.7% to 50%, indicating a small rise in optimism.

However, the market remains in a neutral zone, with no clear consensus between bullish and bearish participants. Liquidity flows and market structure continue to favor the bears, maintaining downward pressure on MemeCore.