ambcrypto.com 
Across March and April, Memecore [M] managed to rally by 231.4% in just under 40 days. After hitting a high of $4.83 on Friday, 24 April, the token sank to the $2.6-demand zone in the first week of May.
The $3-psychological support had been an important resistance in September 2025, and again in the first half of April 2026. The price slump below this level and into a demand zone underneath it suggested shakiness in bullish strength.
This was understandable, given the crypto market trends recently. Bitcoin [BTC] fell below the $75K-level while Ethereum [ETH] briefly dropped below $2,000 as well.
Hence, the question – Is Memecore’s challenge of the $2.60-demand zone a buying opportunity, or should the bulls expect a deeper correction?
Multiple retests show weakness, not strength, from M bulls
Source: M/USD on TradingView
Memecore has traded within a descending triangle over the previous month. Its swing structure remained bullish, but the token seemed to be forming a series of lower highs on the price chart.
From a structural point of view, the $1.95-level is the low that needs to be breached to shift the swing structure of M bearishly.
The RSI has hovered about the neutral 50 line in recent weeks, favoring the bearish side more often than not. The CMF was more persuasive, showing sizeable capital outflows earlier in May during the rejection from $4.
A descending triangle pattern generally leads to downward price breakouts. With the backdrop of Bitcoin’s bearish bias and the repeated tests of $2.60 signaling sellers growing in strength, M’s bullish hopes might be in trouble.
Traders’ call to action – Patience
Source: M/USD on TradingView
On one hand, the $2.6-demand zone is being tested, and the bears have the advantage. On the other hand, the swing structure on the higher timeframe appeared to be bullish, and $2.56 was the 78.6% Fibonacci retracement level of the previous impulse rally.
The price action may be interesting, but in this scenario, it might pay swing traders to remain sidelined and wait for the market to show them what to do.
A drop below $1.95 would shift the long-term trend bearishly. A drop below $2.59 would signal a bearish continuation to $2.06. A bounce to $3.2 would likely be met with another rejection.
Final Summary
- Memecore formed a descending triangle in recent weeks, and the bulls could lose control of the $2.6 demand zone soon.
- Multi-timeframe analysis presented a convoluted picture to traders, and they must remain patient for the price action to give clues about the next trend.
