Technical indicators reveal positive divergences, positioning BOME for a price surge
Price action for Book of Meme is centered around a critical level of $0.0071, suggesting a possible rally soon.
There was a reversal signaled by the positive divergence that the RSI and AO indicators created.
If the daily candlestick closes below $0.0071, the bullish thesis would be rendered invalid.
Near the crucial milestone of $0.0071, the price of Book of Meme (BOME) has leveled off. Bullish divergence between the Relative Strength Index (RSI) and the Awesome Oscillator (AO) suggests a possible reversal and higher trend in the near future.
The recent price movement of Book of Meme indicates a positive trend.
On Monday, the price of Book of Meme found support around $0.0071, which is the low from April 13. Its price is $0.0078 on Wednesday, up 3% from the previous day.
Also, the daily chart shows that the Relative Strength Index (RSI) had higher highs on July 5 and a lower low on July 6. This change, known as a bullish divergence, often causes the trend to reverse or has a brief upswing.
With a 7% increase to $0.0083, BOME might retest its daily resistance level if the $0.0071 support level holds.
Additionally, BOME has the potential to retest its daily high of $0.0103 on July 1 if it closes above $0.0083, extending an additional 23% gain.
But, a lower daily low would be produced by the Book of Meme price if the daily candlestick closes below $0.0071. This might indicate a change to negative market conditions. An 11% drop in BOME price, back to its July 5 daily low of $0.0063, would be caused by this shift in market structure, which would cancel out the optimistic prediction.
