Is the Jeo Boden Price Getting Ready for a Massive Move?

The Jeo Boden price dropped more than 1% over the past 24 hours to trade at $0.1483 at press time.

With this recent loss, the BODEN price is down over 27% on the weekly timeframe. Its monthly performance is also deep in the red at more than 65%.

The Jeo Boden price has entered into a temporary consolidation phase between $0.1370 and $0.1623 in the last 24 hours. Now, the meme coin is trading near the upper boundary of a medium-term descending price channel that has emerged on its charts.

BODEN could escape the descending price channel within the next 8 hours if it remains in the consolidation phase. This could then be seen as a long entry signal by traders, who might start to accumulate the crypto before a strong move to the upside.

In this bullish scenario, the meme coin might attempt to break above the $0.1623 resistance level and flip it into support. Continued buy pressure could then push the Jeo Boden price to the next major resistance level at $0.1955 in the following 24 hours.

On the other hand, BODEN losing the $0.1370 support might expose it to the risk of dropping in the short term. Traders will likely look to short the meme coin if it breaks out below the current consolidation channel, which will result in it continuing to trade within the negative channel. #Solana #Memecoins #MemWatch2024 #altcoins
The full analysis was posted on ecoinimist.com.