Analysis: MemeCore plummets 36% this week, mass selling or manipulation?

Source: CritpoTendencia Original Title: Analysis: MemeCore plummets 36% in the week, mass selling or manipulation? Original Link: Despite daily gains, the M token of MemeCore has fallen from $1.90 on November 26 to $1.20 in the last trading session. The decline comes as accusations of manipulation circulate and the memecoin market shows widespread gains.

At the time of writing, the price of M is quoted at $1.27, with a daily increase of 0.3%, but with weekly losses of 36.4% and monthly losses of 43%. The outlook is clearly bearish despite the recovery observed in the crypto market in general.

What pushes the price of M into bearish territory?

The drop of M occurs amid heavy liquidations and suspicions of manipulation. In the previous session, a user pointed out massive sell-offs and even hinted at concerns over a possible rug pull:

M has just dropped almost 40% in the last 2 hours. Meson Finance moved 15,700 M tokens (~$233.000) to more than 10 different addresses and immediately distributed them to certain exchange wallets. They have already sold 50% of all their M holdings and are still transferring more tokens as we speak. Rug pull vibes?

The main memecoins continue to show daily and weekly gains, supported by renewed interest in the crypto market. Only M shows significant losses, indicating that its slight daily rebound aligns with the overall environment but fails to reverse the bearish bias.

A relevant news for the sector is that Dogecoin will soon be incorporated into the ETF market. Bitwise will launch its BWOW ETF following the approval of NYSE Arca, adding to the exposure offered by Grayscale's GDOG ETF.

Analysis of M charts: levels to observe

The price of M shows a sharp decline that broke below a medium-term bearish trend. It also lost a key support level marked in previous analysis, $1.54.

Resistance levels to watch:

• $1.44: immediate resistance and EMA 50 zone.
• $1.60: level corresponding to the EMA 200, probably the most relevant ceiling.
• $1.90: a solid reversal couldn't be discussed until this level is regained.

Supports that must be considered:

• $1.26: key support aligned with the daily low.
• $1.20: support from the previous day and stronger floor in the short term.
• $1.00: if the previous level is lost, this psychological zone would be the next bearish target.

The RSI at 48 points shows that the price of M continues to be dominated by selling pressure and that new pullbacks could occur in the coming hours, although accompanied by potential rebounds.

Important data to consider for M

According to CoinGlass, the open interest of MemeCore reaches $66.36 million, with a 24-hour futures volume of $108.45 million.

M is at -55.2% of its all-time high of $2.96 reached on September 18.

Despite the current drop, M maintains accumulated gains of 2086.34% since its launch in July.

The memecoin market on Solana and Base has retraced between 12% and 19% in recent days. The drop appears to be associated with the waning enthusiasm and saturation of the theme.

On this day, the total memecoin market shows gains of 1.43%, and its capitalization rises to $43.08 billion, according to CoinMarketCap.

The RSI at 48 points confirms that the price of M remains under bearish pressure and could register new declines, although preceded by small bounces.