Coinspeaker Book of Meme (BOME) 60% Surge Sees Open Interest Hitting All-Time High
Solana-based meme coin Book of Meme BOME $0.0093 24h volatility: 0.9% Market cap: $640.17 M Vol. 24h: $1.18 B has witnessed a massive surge recently gaining nearly 60% over the past week. As of press time, the BOME price is trading up 13.88% at $0.01022 and a market cap of $704 million. However, some on-chain indicators show that this is just the beginning of a much larger breakout for BOME.
What drives greater investor interest in Book of Meme (BOME) is the massive surge in the Open Interest (OI) for the meme coin. Data from blockchain analytics firm Santiment shows that BOME’s open interest (OI) has reached a new all-time high of $161.97 million.
This surge in OI coincides with the staggering BOME price rally suggesting greater investor interest. In simple terms, Open Interest (OI) reflects the total value of all active contracts in the market. An increase in OI suggests that traders are expanding their exposure to a cryptocurrency, while a decline in OI indicates that positions are being closed and capital is exiting the market. In the case of Book of Meme (BOME), the traders have opened up new positions leading to an OI surge.
Photo: Santiment
Similar to Open Interest, BOME’s volume has also increased. As of now, the volume is at $659.06 million, marking the highest level since May 23.
BOME Price Action Ahead
On the technical chart, the BOME price is showing bullish action ahead. An analysis of the BOME/USD chart shows that the meme coin has successfully broken out of the descending triangle pattern established in June. This breakout indicates a possible change in market sentiment, potentially paving the way for additional upward price momentum for BOME.
In this instance, BOME’s price has risen above the support line, indicating a potential bullish reversal and positioning the token for further gains.
Photo: TradingView
Another key technical development is the status of the Exponential Moving Average (EMA), a tool used to assess a cryptocurrency’s trend. Importantly, the 20 EMA (blue) has crossed above the 50 EMA (yellow) for the first time since May, which may signal increasing bullish momentum for BOME.
This arrangement represents a golden cross which is typically a bullish sign. If the setup remains the same, the BOME price is likely to breach the resistance at $0.013. In this situation, the meme coin will rally all the way to $0.015 or $0.017.
Traders should keep a close eye on the meme coin. If Book of Meme cannot maintain its current momentum or if profit-taking increases, this forecast could be undermined. In such a scenario, BOME might drop to $0.0079.
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Book of Meme (BOME) 60% Surge Sees Open Interest Hitting All-Time High
