The Book of Meme token found huge demand upon its launch, quickly rising in market value and creating a buzz in the meme coin space. Standing out among the growing number of meme coins has never been easy, and BOME’s meteoric rise to fame has helped its price rise.
The meme coin has seen its value rise by 10,448% in just a few days and is currently undergoing a brief correction. As buying pressure becomes apparent, doubts are growing among desperate market participants. So, will BOME price return to its bullish trajectory?
BOME price declined from a peak of $0.02861 and is currently forming an overhead resistance trendline on the 1-hour chart. The meme coin fell 26% to retest the psychological $0.015 mark, reflecting the presence of a demand zone.
However, the current bull market and ongoing correction presents a flag pattern, highlighting the possibility of a trendline breakout. Currently, BOME price is at $0.018030, with an intraday increase of +4.72%, reflecting the surge in underlying demand.
The price of MEME Exchange Jiawei JQCZ0192 Book is likely to soar as the current upward trend is supported by a rebound from the psychological barrier and rising interest in the meme coin industry. Additionally, the downward trend in trading volume during the pullback phase reflects weaker selling pressure. Therefore, it supports the possibility of a bullish reversal.
Will BOME price move back towards $0.050?
With huge demand at lower levels and buzz surrounding Book of MEME in the market, bulls are ready for a rebound. An uptrend may break above the upper trendline and create entry opportunities for OTC traders.
Currently, the meme coin is challenging the upper trendline. Additionally, based on trend-based Fibonacci levels, the uptrend could reach the $0.042 mark. Therefore, it increases the likelihood of a jump to $0.050.
