Over $870,000 in Shorts Liquidated as MemeCore ($M) Price Spikes 14%

• MemeCore ($M) breaks key resistance at $0.47, confirming a short-term bullish reversal.
• Liquidations of $874.8k in shorts triggered rapid price acceleration on major exchanges.
• RSI at 63.75 and MACD in positive zone suggest momentum may continue toward $0.50

MemeCore ($M) caught the market’s attention on Monday with a sharp rally, surging nearly 14% in 24 hours. The token’s price climbed from a low of $0.4376 to an intraday high of $0.4949, marking a decisive break from its recent sluggish trading range.

This breakout marks a decisive shift from the earlier sluggish trading behavior and signals a clear short-term bullish trend. Despite a dip in trading volume, $M has managed to maintain upward traction, raising questions about what’s fueling this price surge.

Short Squeeze Appears to Be the Main Driver

The main driver behind the MemeCore token’s price surge is a classic short squeeze. Data from the derivatives market shows that over the last 24 hours, $874,800 worth of short positions have been liquidated, according to data from Coinanalyze. In contrast, only $286,700 in long positions were closed out. 

This imbalance sugg…

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