A 30% rally could be coming soon ! !
The trading volume has grown significantly by over 40% to over $800 million, which is comparable to the current market cap of memecoin. The number of holders is also growing, which shows that memes are taking over and do not seem to be unstoppable. The strong breakout of BOME price above the HTF horizontal resistance level, as well as the continued consolidation above the resistance-turned-support level, seem to indicate that an 80% to 90% rally will occur as the volume continues to rise significantly.
Soon after its launch, the bears had a good time as they put enough pressure on the coin. However, after a long period of consolidation, the asset usually triggers massive price action. Therefore, a similar price action occurred when the price surged above the decisive symmetrical triangle after consolidating for more than a month.
As mentioned earlier, the price was trading within the predetermined range and approached the apex of the triangle. The buying volume increased, assisting the rally to initiate a breakout and test the initial resistance level of $0.012. The bears are currently applying some pressure, which may disappear once the bears weaken. Moreover, the RSI has been fluctuating inside an ascending parallel channel and is about to test the upper band. This might result in a minor pullback, but the bulls might manage to keep the uptrend going.
Hence, BOOK OF MEME price is believed to retrace to the triangle resistance, which has now acted as a new support area. Once completed, the price is likely to revive fresh bullish upside momentum towards higher resistance levels of $0.014. These levels have previously acted as strong resistance levels, validating the presence of the bears. Therefore, a breakout above these levels might provide a solid base for the coin to move towards higher targets close to $0.02.
