Memecore (M) surged 231.4% in under 40 days, peaking at $4.83 on April 24, before slipping back to the $2.60 demand zone in early May. While higher‑timeframe swing structure still looks bullish, recent capital outflows and a descending triangle suggest bears have the edge.

Descending triangle formation fuels bearish expectations

The token has been confined to a descending triangle for the past month, a pattern that historically precedes downward breakouts. The chart shows a series of lower highs, even as the overall swing structure remains technically bullish. According to the source , the CMF indicated “sizeable capital outflows” during the May rejection from $4, reinforcing the bearish tilt.

Key price thresholds: $1.95 break, $3.20 ceiling

Analysts flag $1.95 as the decisive low that must be breached to flip the long‑term swing structure into bear territory.. Conversely, a bounce toward $3.20 is likely to encounter fresh resistance, echoing past rejections at the $3 psychological level in September 2025 and early April 2026.

RSI and CMF readings tilt toward sellers

The RSI has hovered around the neutral 50 line,but recent movement leans slightly bearish. More compelling is the Chaikin Money Flow, which turned negative in early May, signalling that institutional money is exiting the position. As the source notes, “the bears have the advantage” as the token tests the $2.60 demand zone.

What traders should watch: $2.59 and $2.06 levels

A dip below $2.59 would confirm a bearish continuation toward $2.06, while a hold above $2.60 could keep the market in a tight range. The 78.6% Fibonacci retracement of the prior impulse rally sits at $2.56, offering a marginal support that may not hold if sellers dominate.

Who is still uncertain? The bullish swing structure

Despite the bearish technicals, the higher‑timeframe swing structure remains bullish, creating a contradictory picture... The source does not provide a clear catalyst that could revive bullish momentum, leaving traders to decide whether to stay on the sidelines or risk a short‑term rebound.