The recent drop pushed the price below the bullish range, starting a new downward trend. However, as selling pressure eases, the BOME price is expected to rise by 35% soon.
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As the weekend approaches, crypto traders are expecting increased market volatility. This anticipation has led to momentum in memecoins, with BOOK OF MEME (BOME) following Pepe’s upward trend. In the past few hours, BOME’s price has surged by 15%, showing strong bullish activity. This suggests that BOME may continue to rise over the weekend and start the new week on a positive note.
BOME Price Overtakes Major Tokens in Memecoin Rally
In the early hours of the day, the PEPE price led the memecoin rally. However, as the day progressed, the BOOK OF MEME (BOME) price outperformed other major tokens. The market is currently consolidating, and while some altcoins are following this trend, the BOME price and a few other memecoins have triggered a strong upswing. To sustain this momentum, BOME needs to rise above crucial resistance levels, which would indicate a break from bearish influence.
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Despite its promising start, the BOME price has struggled to establish a strong upward trend since it began trading a few weeks ago. The price has been confined within a predefined range, and despite a consolidated upswing, it has failed to break the critical resistance at $0.015. However, the memecoin recently rebounded before hitting the lower support zone below $0.009. This suggests that the bulls are regaining strength, potentially elevating the price levels in the near future.
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Bullish Signs for BOME Price Amid Technical Indicators
The recent rebound in the RSI levels and diminishing selling pressure observed in the MACD are reinforcing bullish sentiments for the BOOK OF MEME (BOME) price. The MACD indicator, despite not yet displaying a bullish crossover, suggests potential upward movement in the coming hours. This anticipated crossover could signal a shift towards bullish momentum.
Traders and analysts anticipate that once the MACD confirms a bullish crossover, the BOME price will likely initiate a fresh upswing towards recent highs. This upward movement aims to breach the local resistance levels, particularly targeting a breakthrough above $0.018. If successful, this could pave the way for BOME to test the $0.02 mark, marking a significant milestone for the token’s price trajectory.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
