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Memecore faced rejection at $4.5 and subsequently fell to a low of $2.5. On May 5, the memecoin saw a sudden reversal, climbing from $2.5 to a local high of $3.6.
As of this writing, MemeCore [M] traded at $3.3, up 25% on the daily charts, marking a sharp turnaround from the prior weekly downtrend.
The rebound was accompanied by a rise in trading activity. Trading volume increased 34%, surpassing $50 million, while market capitalization reclaimed $4 billion.
The market recovery was driven primarily by increased speculative demand after a prolonged period of weakness. With the broader crypto market showing signs of recovery, traders repositioned and added new exposure.
Open Interest (OI) rose 31% to $114.9 million, while derivatives volume climbed 174% to $182.9 million. The increase in both OI and derivatives volume suggested traders entered the market and allocated capital to new positions.
Futures inflows rose to $55 million, while outflows fell to $51.7 million. As a result, futures netflow surged 218% to $3.34 million, indicating that more positions were opened than closed.
Despite the rebound, the price move coincided with heightened profit realization. Holders who had been under pressure in recent days increased selling activity, particularly after the memecoin dropped below $3.
On May 5, spot inflows rose to $17.36 million, while outflows dropped to $12.5 million, pushing spot netflow to $4.8 million. The article notes that this pattern continued over the past week, reinforcing the presence of intense selling pressure.
It also stated that when sellers dominate, market structure typically weakens, which can lead to lower prices.
Technically, the rebound was described as being supported by futures-driven speculation, which slightly strengthened upward momentum. The Relative Strength Index (RSI) rose from 39 to 52, reflecting a comeback by buyers. However, the RSI’s signal line remained above at 57, suggesting sellers were still active.
The Directional Movement Index (DMI) also pointed to conflicting forces. The positive DMI increased slightly to 25, but the negative index remained higher at 39, indicating the market remained structurally bearish.
While the article suggested that sustained futures speculation could allow MemeCore to flip $4 resistance again, it also warned that with sellers active and buyers not yet dominant, the memecoin could pull back toward $2.6.
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