MemeCore (M) Plunges 8.46%... If $0.8500 Support Breaks, $0.8000 Is At Risk

MemeCore (M) plunged over 8% in a single day, falling to the $0.8505 level. Amid increasing risk-off sentiment across the altcoin market, thin liquidity amplified selling pressure. The market warns that if the $0.8500 support level breaks, it could see further declines to $0.8000.

According to CoinMarketCap, a cryptocurrency market data aggregator, as of November 1 (KST), MemeCore traded at $0.8505, down 8.46% over the past 24 hours. Its market capitalization rank is 43rd. During the same period, Bitcoin rose 0.43%, showing a slight overall market increase, but MemeCore failed to follow suit.

Risk-off movements across the altcoin market led the decline. On this day, several altcoins, including Camp Network (-51.35%) and Sophon (-32.45%), were among the top losers, with funds flowing out of speculative assets. CoinMarketCap's Fear & Greed Index was at 35, indicating a 'Fear' stage, and global derivatives open interest decreased by 22.54%. It is analyzed that MemeCore was hit relatively hard as investors reduced their risk exposure.

Low liquidity and dampened investor sentiment also pressured the price. MemeCore's 24-hour trading volume decreased by 23.77% to $1.59 million, and its turnover rate was only 0.000777. The shallow market depth means that even small selling volumes can easily cause price fluctuations. Social data also shows bearish posts expressing concerns about further declines, indicating a cautious atmosphere.

In the short term, the ability to hold the $0.8500 support is a key variable. If this price level is defended, there is a possibility that it will continue to consolidate between $0.8500 and $0.9500. Conversely, if $0.8500 breaks, there is a risk of further decline to $0.8000. Given the bearish trend with a more than 15% drop over the past 30 days, it needs to recover and stabilize above $0.9500 to switch to an uptrend.

Over the next 24-48 hours, the defense of the $0.8500 support level is expected to determine the short-term direction. If Bitcoin maintains its upward trend near $77,600 and the decline in altcoin dominance stops, selling pressure may ease. Conversely, if Bitcoin falls below $76,300, there is a risk that altcoin selling pressure could spread again.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*