BOME trading volume has surged by over 40% to over $800M, which is comparable to memecoin’s current market cap. The number of holders is also growing, suggesting that the meme is taking hold and does not appear to be unstoppable. The strong move above HTF horizontal resistance by BOME price and the continued consolidation above resistance-turned-support seems to suggest an 80% to 90% rally will occur as volume continues to rise significantly.

Soon after its launch, the bears had a great time as they put enough pressure on the coin. However, massive price movements are usually triggered after a long period of consolidation. Hence, a similar price action was seen when the price rose above the decisive symmetrical triangle after consolidating for more than a month.

As mentioned earlier, the price is trading inside a predetermined range and approaching the apex of the triangle. The buying volume increased, which helped the rebound to initiate a breakout and test the initial resistance at $0.012. The bears are currently applying some pressure, which is likely to vanish once the bears weaken. Moreover, the RSI has been fluctuating inside an ascending parallel channel and is about to test the upper band. This might result in a minor pullback, but the bulls are likely to manage to keep the uptrend going.

Therefore, BOOK price is believed to retrace to the triangle resistance, which has now acted as a new support area. Once completed, the price is likely to revive fresh bullish upside momentum towards higher resistance levels of $0.014. These levels have previously acted as strong resistance, validating the presence of bears. Therefore, a breakout above these levels is likely to provide a solid base for the coin to move towards higher targets close to $0.02.

(Personal opinion, not a recommendation)

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