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Will BOME breakout fail due to inherent weakness?

The current uptrend of BOME has broken through the descending trendline above, and the current round of gains has reached 35%. However, the short-term trend shows that the meme coin faces a 25% downside risk.

After reaching a peak of $0.030 in March this year, BOME encountered a huge demand collapse and quickly fell to the support level of $0.0071. Despite multiple attempts to reverse the trend, the bulls in BOME quickly ran out of power, resulting in the formation of a resistance trendline.

As the current bull cycle manages to absorb the supply above through the breakout, a bearish pattern foreshadows a decline. So, will BOME's breakout continue after months of correction, or is a decline imminent?

🔸 Book of Meme (BOME) Breakout and Trend Reversal

As mentioned earlier, the bearish impact of the descending trendline led to the death cross and BOME's long-term correction. Moreover, the key daily EMAs (20, 50, 100) are also in a bearish arrangement after the bulls lost their dominance at the psychological level of $0.010.

Talking about the current recovery, the high formed from the support level of $0.0071 has broken through all the key EMAs. Moreover, the bullish move has also broken through the upper trendline of the descending triangle formed with $0.0071 as the baseline.

Currently, the meme coin has formed a doji candle at $0.01076, but the 21.50% gain in the past two days suggests that the uptrend will continue.

The daily RSI line encountered resistance near the overbought area, resulting in a decline. However, the reversal may indicate that additional momentum tests are underway. Moreover, the 20-day and 50-day EMAs are about to form a bullish crossover.

Again, at this stage, some good currencies are being laid out

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