*Book of Meme (BOME) Offers a 1:4.5 Risk/Reward, Time to Go Long?*
The popular Solana-based meme coin, Book of Meme (BOME) has successfully retested its breakout level and is now poised for a notable upside rally. With this, the meme coin appears bullish and further gets support from on-chain metrics such as open interest, long/short ratio, and others.
Technical analysis, BOME appears bullish as it previously broke out from a falling wedge price action pattern.
Following this breakout, the meme coin rallied significantly, and during that rally, it broke a resistance level of $0.0009597, before going into correction.
The BOME/USDT pair has shown strong upward momentum recently, with the price currently at $0.008153, up around 16% in the past day. It has broken out of a descending triangle pattern, which typically signals a potential bullish reversal.
If the current trend holds, the next resistance to watch is around $0.01500 USDT. A successful breakout above this level could open the door for further gains, possibly toward $0.02000 USDT and higher in the coming weeks.
At press time, BOME is trading near $0.00096 and has experienced a modest price surge of 1.05% in the past 24 hours.
