As BTC price reclaimed the $68,000 mark during early Asian trading hours, the memecoin market added 3.68% to its valuation to $57.67 billion. Among the top gainers were DOGE, FLOKI, BOME, and SHIB.
With volatility on the rise, will the meme coin portfolio see a similar price increase as the Q1 rally? In this article, we covered the short-term price analysis of BOOK OF MEME (BOME) Memecoin!
Is BOME Coin Price About to Have a Big Breakout?
BOME price has increased by ~16% in the last 24 hours with a trading volume of $328.13 million. Moreover, it has increased by 56.94% in the past week and 66.59% in the past 30 days. Notably, with a trading price of $0.009971, it has recorded a YTD return of 10X.
The 50/200-day EMA shows a bullish pattern on the 1-day time frame. This suggests that the BOME cryptocurrency price could continue to rally this week.
The relative strength index (RSI) is on the verge of retesting overbought territory for the second time this week. With the rising curve above the average trendline, this memecoin hints at a positive outlook in the coming weeks.
Will BOME Memecoin Rise Again?
If the bullish momentum is sustained, BOOK OF MEME price will break the channel pattern resistance trendline and retest the $0.011 level. Sustaining the price above that level could pave the way for the price to head towards the major resistance level above at $0.015.
On the other hand, if a bearish reversal occurs, this memecoin could retest the low at $0.00752. Furthermore, if bears dominate the crypto space, it could plunge towards the lower support trendline at $0.004210 in the coming weeks.
