BOME — Chart Analysis & Trade Setups
BOME has been hyped massively lately. That's why I took a closer look at its chart and tried identifying possible trade setups.
Here are the most essential aspects to know:
- BOME has been in a constant downtrend (black line) since its listing.
- Driven by last week's sell-off, BOME dipped below its major support level and dropped to 0.005
- However, buyers stepped in at this level, volume increased massively, and we saw a fast reversal.
- Nevertheless, the token is still below its previously crucial support level at ~0.0072.
- In order to maintain its bullish momentum, BOME must break above this level. Otherwise, there's a risk of reverting back to the 0.005 level.
📊 Trade Setups
- Wait for a break above the 0.0072 level and confirmation on a higher timeframe. Once this happens, there's a good chance the BOME will make another attempt to break out of the downtrend.
- In case BOME goes lower, revisits the lower support level, and bounces again, you can place a trade aiming for the upper resistance.
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