BOME continues to fall below $0.08: Hold or Sell?
BOME is currently in a downtrend and its price action remains bearish despite a 37% increase in the past 30 days. Currently, BOME is trading at $0.006941.
BOME is approaching a critical support zone
The overall market sentiment is cloudy, with Bitcoin price falling to new lows and the market panic index rising. Memecoins have been hit hard and their performance is proportional to Bitcoin's trend. BOME broke through the previous strong support level earlier today and is currently approaching the critical support level of $0.0079. Another test or continued break below this level will encourage holders to sell, resulting in further declines. The last time BOME broke below this support level was on April 15.
Charts do not show strong direction
The 4-hour chart of BOME/USDT shows a clear downtrend, with technical indicators in the neutral zone and price below all moving averages. After deeper analysis, we can see that the Alligator indicator has printed a blue line above the green and red lines and the momentum is above the price, which indicates the presence of an opening bean signal. RSI shows that the price is in the oversold area, and a short reversal may occur to maintain the price above the support level.
BOME Price Prediction
Currently, the price of BOME is controlled by the bears, and social sentiment has fallen peculiarly, and the price of Bitcoin can only release support. This can be measured by the weighted sentiment indicator, which is currently around -0.5, which is negative.
This indicator shows the sentiment of the asset from social media and other sources. If it is negative, it means that the discussion volume of the asset is too low to be considered.
Bome's bulls now need to keep the price above the $0.008 area in case the sentiment changes. However, bullish strength above $0.01 is needed to rebound and break through the downward resistance.
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When to buy the bottom and when to open an order Pay attention to the introduction.
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