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Memecore's recent rally has stalled at $4.7, with the altcoin experiencing a significant correction from its all-time high of $4.83 on April 24 to $3.42, marking a 29.1% drop in less than a week. The mid-point of the Bollinger Bands at $3.55 has been identified as a crucial support level, suggesting a bearish short-term outlook.Despite some bullish sentiment within the community, the inability to surpass previous highs indicates a potential distribution phase. Memecore is currently trading around the 61.8% Fibonacci retracement level at $3.41. While the RSI shows signs of bullish divergence, the rejection at $4.7 suggests a possible range formation between $3 and $4.7. Traders are advised to watch for reactions in this demand zone, with profit-taking prioritized over aiming for a run to $5.

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