Despite being in a negative phase in the last week of March, BOOK OF MEME (BOME) has begun April with positive momentum. BOME bulls have been in charge over the previous 24 hours, having established support at the intra-day low of $0.0139. During the surge, bulls drove the price to a seven-day high of $0.01643 before encountering resistance.
At press time, BOME was up 9.76% and trading at $0.01543. BOME’s market capitalization and 24-hour trading volume increased by 9.87% and 25.90%, respectively, to $855,025,793 and $868,455,316.
If the bullish momentum breaks through the $0.01643 resistance, the next resistance levels to watch out for are $0.0175 and $0.0187. However, if the bulls are unable to maintain their present pace, the $0.0139 support level may be tested again.
BOME/USD Technical Analysis
On the BOME/USD 4-hour price chart, the Relative Strength Index (RSI) trending downhill with a value of 58.68 indicates that the current uptrend may be losing steam. If the RSI falls below 50 and its signal line, it may suggest a reversal in the price trend. However, the RSI remains above 50, indicating that the market is still optimistic.
Furthermore, the Moving Average Convergence Divergence (MACD) trend in the positive range, with a value of 0.00042179, suggests that some purchasing pressure remains. This pattern indicates that, despite the probable weakening of the uptrend, there is still some support for future price gains in the short term.
Moreover, the MACD histogram indicates positive momentum, supporting the assumption of an ongoing bullish rise in the market.
Bull Bear Power (BBP) forming consecutive higher bars in the positive zone shows that the bulls remain in charge and that additional price growth is likely. This pattern indicates that market sentiment is positive, and buyers are still active in pushing prices upward. Furthermore, the rising volume throughout this positive trend underlines the strength of the bullish action and strengthens the likelihood of prolonged upward momentum.
However, with the Money Flow Index (MFI) in the overbought range at 85.79, there is a risk of a short-term drop or consolidation as the market may be nearing exhaustion. This MFI pattern suggests that the present bullish momentum is losing steam, which might lead to a brief decline in prices.
