MemeCore [M] The price of the cryptocurrency soared 42% after announcing a strategic purchase program. Within a single day, altcoins dropped by more than 5%.
The altcoin’s price dropped sharply just last week. This caused serious concern in the community. The MemeCore Foundation updated its buyback programe to deal with these problems.
MemeCore Foundation announces buyback program
The Foundation stated that it had found no issues within the ecosystem in relation to the price drop of 85%. Price of M dropped from $2.80 down to $0.40, and has remained at this level for more than a month.
In that vein, MemeCore Foundation announced an official Strategic Treasury Buyback Program of at least 10 million dollars.
To avoid directly influencing market behavior, we did not disclose the exact timing, method and schedule of buyback.
By a post on XThe Foundation has written:
The Foundation has the right to change the pace of execution, the frequency, or the amount for each transaction depending on market conditions, treasury considerations, etc.
MemeCore recorded a 150% return from its lowest point of $0.40.
It is worth mentioning that the cryptocurrency market capital was well below its pre-crash level, despite trading for around $1.57.
M had not yet recovered fully. The prices ranged in a sideways-moving market.
Consolidations usually precede upward trends or, in some cases, bearish ones. This is the reason why altcoins regained the $1 mark in this instance.
When will M fully recover?
The daily chart revealed that the crash breached two important support levels, at $1.48 as well as $1.93. But the immediate return to the lower level showed that the bulls had taken advantage of this discount.
It is important to note that in order for M to fully recover, the price must rise over $1.93, and it needs to surge beyond the trendline resistance.
The MACD showed that the bears still had control, but their strength was diminishing. Choppiness Index, or CHOP as it is also known, was well below 40. This meant that even the current slight uptrend had yet to pick-up pace.
Long-term, M’s price action Even though there are signs of bullishness, the structural outlook remains bearish.
ZachXBT is a blockchain investigator who has expressed concerns over the tokenomics in the altcoin.
Final summary
- M climbed by more than 42% in less than 24 hours, after MemeCore Foundation announced a buyback plan. It then crashed back down.
- For a complete recovery, two key levels of support are required.
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Source: ambcrypto.com
