MemeCore – How falling trading volume could derail M’s 11% rally

MemeCore [M] has recorded an 11% price surge over the last 24 hours at press time, after a sharp rejection from the 20-day EMA at $1.13. Despite the surge, the token lacks volume, with its trading volume shrinking by 4% over the same period. However, MemeCore derivatives are leaning to the bulls. The token's Open Interest (OI) has gained by 28% to $6.8 million over the last 24 hours, and long positions account for 54% of the total leveraged position. Could the positive derivatives keep the current momentum going? Rising OI supports bullish positioning On the derivatives, most on-chain metrics are leaning to the bulls. MemeCore's OI has recorded a 33% increase to 34 million over the last 24 hours.

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