Book of Meme’s price found support near Monday’s low of $0.0071 on April 13. It rebounded 3% on Wednesday and is trading at $0.0078.

Moreover, on the daily chart, the lower low formed on July 5 contrasts with the higher high on the relative strength index (RSI) during the same period. This development is known as a bullish divergence and often leads to a trend reversal or short-term rally.

If the $0.0071 support level holds, BOME could rise by 7% to retest its daily resistance at $0.0083.

Also, if BOME closes above $0.0083, it could rise by another 23% to retest its daily high of $0.0103 on July 1.

If Book of Meme’s price closes below $0.0071 on a daily basis, it would make a lower daily low and could signal a bearish turn in the market. This change in market structure will offset the bullish outlook, triggering a 11% drop in BOME prices, returning to the recent daily low of $0.0063 on July 5.

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