Key Takeaways
MemeCore [M] jumped by 17% in the last 24 hours with $34.5 million in Open Interest inflows as shorts faced $4.15 million losses. However, dense liquidation clusters might still threaten downside.
MemeCore’s [M] price saw gains of over 17% in just over a day, with the same extending its rate of growth to 318% on the charts.
Liquidity inflows supported the surge as long investors appeared to be keeping the price from falling. And yet, the overall accumulation did decline. Hence, AMBCrypto analyzed what this trend could mean for the altcoin’s price trajectory in the near term.
Open Interest points to short pressure
The Open Interest on Coinglass recorded a $34.5 million hike in the last 24 hours, confirming strong liquidity entering derivatives markets.
At the same time, the Open Interest-Weighted Funding Rate stayed negative at -0.0237% – A sign that much of the positioning came from shorts.
This dynamic indicated that despite consistent downward pressure from short derivatives investors, sentiment remained firmly skewed against them.
Additionally, AMBCrypto observed that short investors, in particular, suffered heavy losses compared to long derivatives traders. In fact, the total value of short liquidations during this period hit $4.15 million, while long liquidations stood at only $612,320.
This meant that there was strong resilience and dominance of bullish positions in the market.
Technical indicators flash mixed signals
For their part, the altcoin’s techni
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Author: Olayiwola Dolapo
