MemeCore has surged 24.14%, confirming a breakout above a key range high. The move signals an active bullish Elliott Wave count with further upside in play if key levels hold.
Summary
- MemeCore is in Wave 3 of a bullish Elliott Wave sequence targeting $0.77.
- $0.62 is the key resistance to flip for continuation.
- $0.52 serves as the ideal corrective support if Wave 4 begins.
After trading sideways for weeks, MemeCore has now confirmed a structural breakout with strong impulsive momentum. The price held a critical support zone before launching into a rally that now challenges major resistance. Technical confluence supports a bullish continuation if resistance breaks or if a healthy correction occurs first.
Key technical points
- High Time Frame Support: Confirmed at $0.32 with multiple successful retests.
- Current Resistance: $0.62 (value area high and Fibonacci pivot).
- Next Bullish Target: $0.77 based on Fibonacci extension if structure holds.
After several successful tests of high time frame support at $0.32, MemeCore established a strong base. This support coincides with the value area low, where repeated bounces signaled consistent buyer presence. Once the point of control was reclaimed, a strong impulsive move was triggered.
This rally drove price directly into the $0.62 resistance zone, which is in technical confluence with the value area high and a key Fibonacci level. MemeCore is now testing this region. Whether it holds or breaks will determine the immediate short-term path.
The structure appears to follow a textbook Elliott Wave pattern. MemeCore is likely in the third wave of a five-wave bullish sequence. Wave 3 is often the most explosive, which aligns with the strong 24% move. However, a rejection at current levels may lead to a short-term corrective phase.
If a Wave 4 correction begins, support could be found around $0.52. This zone aligns with a 1:1 corrective move relative to Wave 2. If price holds this support, the next move higher would likely be Wave 5, completing the structure into the Fibonacci extension zone near $0.77.
This extension is based on trend-based projections from the early impulse, and represents a high-probability zone if structure remains intact. Volume trends support the current move, indicating the rally is driven by strong market participation.
If MemeCore breaks cleanly above $0.62, it would invalidate the corrective scenario and signal a continuation of Wave 3 toward the $0.77 region. Either scenario remains technically bullish provided $0.52 holds as support in the case of a pullback.
What to expect in the coming price action
A clean breakout above $0.62 would open the door to $0.77. If rejected, a short correction to $0.52 is expected before the next leg. Market structure remains bullish as price action resembles an Elliott Wave Impulse.
