Why?

BOME has been rising while BTC has been falling

Book of Meme [BOME] has risen by nearly 20% in the past 24 hours, while Bitcoin [BTC] has fallen by 6.55%. The volume behind the meme coin is close to the average level of the past week.

This raises some questions about whether the breakout can be sustained. However, its bullish performance is encouraging despite the huge selling pressure faced by most markets.

Local short-term resistance has turned support

Based on the rebound from $0.00725 to $0.028, a set of Fibonacci retracement levels have been drawn. It shows that the 61.8% retracement level of $0.0151 has been a short-term resistance for the past ten days.

Despite the retracement below the 78.6% level, the market structure on the 4-hour chart remains bullish. The RSI has risen above the neutral 50 in the past few days, reinforcing the idea of ​​strong short-term bullishness.

Conversely, the OBV is well below the recent high (marked in orange). The price has climbed above 61.8%, but OBV has been unable to break through the high at that time.

This shows a lack of sustained buying pressure, which could hinder the progress of bulls in the coming days.

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