- MemeCore is pressing against the upper edge of a falling wedge after a near-10% daily move.
- The pattern is a recovery attempt from June’s collapse, not a continuation of the earlier uptrend.
- Price still trades below both the 50-day and 200-day moving averages, keeping the wider trend bearish.
- A confirmed break higher targets the $1.49 to $1.51 resistance, while losing the $0.90 floor reopens the June low.
MemeCore is trading near $1.20 after adding close to 10% in a single session, a move that stands out against a week in which the token barely budged. The daily chart shows a falling wedge that has reached its apex, the point where these patterns usually resolve one way or the other, and today’s candle pushes price straight into the upper boundary of that structure. Momentum has been recovering since July’s oversold conditions. M is still deep inside a bearish structure that began with one of the fastest collapses any top-50 token saw this cycle, and at a market capitalization near $1.6 billion it remains far below where it started the summer.
Understanding where price sits today means starting with what happened at the end of June.
Why a 75% day in June still sets the terms
On June 25, M lost roughly three quarters of its value in a single day, falling from the $2.80 to $2.92 area to an intraday low near $0.50 before steadying around $0.70. The move wiped close to $3 billion off the token’s market capitalization and dropped it below the $1 billion mark for the first time since its early listings. What stood out was the thinness of the session. Only about $21 million in M changed hands during a move of that magnitude, which is unusually low and tells you how little liquidity was actually supporting the price on the way down.
No exploit, hack, or contract breach was ever identified. With no clear on-chain trigger, attention turned to warnings that on-chain investigator ZachXBT had published months earlier. Back in April he had asked why Kraken listed M for spot trading in July 2025 and questioned how it passed the exchange’s due diligence, and he alleged that insiders had manipulated the price to a $6 billion market capitalization against an $18 billion fully diluted valuation. He also flagged roughly $7.9 million in what he described as suspicious withdrawals from Kraken routed to 18 newly created wallets. None of that constitutes proof of what caused the June selloff, and the MemeCore team did not publicly respond at the time, so the fairest read is that a token carrying concentrated ownership and thin float behaved exactly the way such tokens tend to when larger holders start selling into a shallow book.
Officially recognized on @ZachXBT ! We’re just getting started.
Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply. pic.twitter.com/rsFD3oBgfM
— ZachXBT (@zachxbt) April 20, 2026
That context matters for the technicals because the entire structure on the chart today is a recovery attempt from that capitulation low, not a continuation of the earlier uptrend.
Both wedge lines now meet at $1.20
Since the July base formed, M has carved out a falling wedge on both the 4-hour and daily timeframes. The upper boundary connects the early-July high down through a series of lower highs, and the lower boundary tracks the slow grind of higher lows off the crash bottom. The two lines have converged to an apex that sits right where price is trading, which is why today’s push at the upper line is worth watching and why a resolution looks close.
A falling wedge is generally read as a bullish pattern, and the recovering RSI supports that lean. There is a caveat worth stating plainly. The wedge that formed on this same chart through May and June did not break upward in textbook fashion. Price fell straight through its lower boundary in the June crash. One failed wedge on the same asset is not a reason to dismiss the current setup, but it is a reason to wait for a confirmed break rather than front-running the pattern.
The moving averages describe the backdrop cleanly. Price is below both the 50-day SMA at $1.51 and the 200-day SMA at $2.17, and the shorter average sits below the longer one. That is a downtrend alignment, and it means every bounce is working against the prevailing trend until proven otherwise.
How little of the crash has actually been retraced
Anchoring a Fibonacci retracement from the $4.84 all-time high down to the $0.46 crash low frames the overhead resistance that any recovery has to work through. M is currently below the shallowest level on that grid, the 0.236 at $1.49, which shows how little of the decline has actually been retraced.
| Level | Price (USD) | Significance |
|---|---|---|
| 0.618 fib | $3.17 | Major overhead, near old range floor |
| 0.382 fib | $2.13 | Sits just under the 200-day SMA |
| 200-day SMA | $2.17 | Long-term trend resistance |
| 50-day SMA / 0.236 fib | $1.49 – $1.51 | First resistance shelf, confluence |
| Current price | $1.20 | Inside wedge, testing the upper boundary |
| Wedge floor | ~$0.90 | Support and bullish invalidation |
| 0 fib / crash low | $0.46 | June capitulation low |
The confluence to watch is the $1.49 to $1.51 band, where the 0.236 retracement and the declining 50-day SMA overlap into a single wall. That is the first place a breakout would run into meaningful supply, and the most likely spot for an initial rejection. On the downside, the roughly $0.90 wedge floor is the line that keeps the bullish structure valid. A decisive close beneath it reopens the door to the $0.46 crash low.
RSI is climbing but still short of the line that counts
The RSI on the daily had been reading around 46 and crossed back above its signal line near 39.6, recovering from the deeply oversold flush that accompanied the June drop. Today’s green candle lifts it toward the 50 midline, the level that separates easing selling pressure from a confirmed handover into buyer control. Clearing it and holding would be the momentum confirmation the pattern still lacks.
Two paths make sense from here. A clean break and hold above the upper wedge boundary would put the $1.49 to $1.51 confluence in play as the first test, and clearing that shelf on volume would be the first real evidence that the recovery has legs. The alternative is a loss of the $0.90 floor, which would invalidate the wedge and shift focus back toward the June low. Given the macro trend still points down and the previous wedge on this chart broke lower, the more conservative approach is to trade the confirmed break rather than position ahead of it.
For now M is coiled, today’s session has momentum nudging higher, and the pattern leans bullish, though the setup sits inside a firmly bearish trend with heavy overhead and a recent history of exactly this kind of structure failing to the downside. The upper boundary is being tested right now. Whether the move holds is what the next few daily closes will decide.