😱🚀🚀2 Bullish Altcoins Predicted to Outperform Bitcoin in August 2024
Book of Meme Trades Above Resistance and Key Moving AverageOn Monday, the price of the Solana-based meme coin Book of Meme (#BOME ) broke above the upper line of its horizontal channel, which has formed resistance since June 29. Since then, its value has risen by almost 10%.
When an asset breaks above the upper line of a horizontal channel, it indicates a bullish breakout. It signals increased buying pressure and a potential for a continued uptrend. Traders often interpret it as a signal that market sentiment has shifted positively and that further price growth is underway
Also, $BOME ’s price currently trades above its 20-day exponential moving average (EMA), which measures its average price over the past 20 days. When an asset’s price rallies above this level, it signals that its short-term trend is strengthening and buying pressure has outpaced token sell-offs.
If this trend persists in the BOME market, its price may climb to $0.011, a price level it last reached on June 7
Bitcoin Cash (#BCH ) Enjoys Significant Bullish Bias
The value of $BCH , the native coin of the peer-to-peer electronic cash system, Bitcoin Cash, has surged by 15% in the past seven days. During the intraday trading session on Monday, the altcoin climbed to a monthly high of $453.80
While BCH’s price has since corrected by 4%, positive sentiments continue to trail the altcoin. At press time, it exchanged hands at $436.11
BCH’s rising Relative Strength Index (RSI) confirms the bullish bias toward the altcoin. It is currently at 65.36, signaling that buying activity significantly outweighs selling pressure among market participants.
Also, BCH’s Chaikin Money Floe (CMF), which measures the flow of money into the asset, is in an uptrend and above the zero line at 0.16.
A combined reading of BCH’s price rally and its positive CMF confirms the possibility of further price growth. If the current trend is maintained, the coin’s price will rally to $453.10.
