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Book of Meme (BOME) Sees Bullish Surge: Is a Breakout Near?
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Meme coins are gaining significant attention from investors due to their appeal and innovative features. This enthusiasm has helped them outperform major cryptocurrencies like Bitcoin and Ethereum. Among these meme coins, Book Of Meme (BOME) has recently gained traction.
Recent Performance of BOME
Book Of Meme (BOME) has surged over 13.6% in the past week. If it manages to break out, it could provide impressive returns for investors. Notably, there has been a significant development in the weighted sentiment curve, further confirming a bullish scenario. As of now, BOME ranks 96th in the cryptoverse with a live market capitalization of $702.53 million.
Weighted Sentiment Turns Bullish
The price action shows BOME is still in bearish territory, trading below the 50-day exponential moving average (EMA). However, the weighted sentiment curve has shifted into bullish territory after a nearly 17% price surge. Data from app.santiment.net indicates a rise in positive sentiment, pushing the weighted sentiment curve above the zero line. This shift suggests a potential positive price movement for BOME.
Potential End to the Correction Phase
While other meme tokens have delivered significant returns in the past three months, BOME has been in a correction phase since April. However, recent sessions show a potential end to this phase, with a 13% weekly surge indicating a buyer comeback. Additionally, a 225.61% increase in volume inflow suggests rising demand, which could trigger a breakout. If BOME surpasses the 50-day EMA, it may resume a bullish trend.
Ready for a Bullish Reversal?
Book Of Meme (BOME) has seen a 13.6% increase over the past week, sparking investor interest. Despite trading below the 50-day EMA, a 17% price jump has shifted weighted sentiment to the bullish side. BOME lagged behind other meme coins in the past quarter, but recent sessions suggest a potential end to its correction phase.
