As volatility flows back into the market, meme coins are notably posting larger gains along with Book of Meme (BOME), which exploded by 20% in the last 24 hours. This brought trading back to a two-month high.
Like most meme coins, BOME started this month with a loss after failing to surpass a critical resistance level during last month’s recovery.
Surprisingly, it found base support at $0.0059 earlier this month and resurged gradually with a double-bottom formation. Trading became more interesting as demand rose and the price exploded massively to reach $0.01135 today – marking its highest price level since July 30.
That price level was rejected but there’s still room for more growth if the bulls show strong commitment. Failure to push higher may result in a drop capable of bringing a short retracement in the market before resuming buying at full speed.
Without any doubt, the bulls are technically back in action. Though the bears have intercepted the latest moves. To consider a leg down again, the bears must retake the recent low. They appear to have lost control.
Despite the latest gains, which have drastically surged BOME’s market cap by over 10% to $800 million in the past week, Dogecoin and Shiba Inu are still considered the largest, holding their spots as the leading meme coins so far.
BOME’s Key Level To Watch
The latest rejection under the $0.0115 resistance level has temporarily halted buying. If the price scales through it, the next line of resistance for buying would be the $0.01415 and $0.016 levels.
In case of a retracement, there’s immediate support at the $0.0085 level. Other possible supports to watch for a test are $0.007 and $0.0059.
Key Resistance Levels: $0.0115, $0.01415, $0.016
Key Support Levels: $0.0085, $0.007, $0.0059
- Spot Price: $0.0095
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/book-of-meme-price-analysis-prediction-october-16-bome-explodes-70-weekly-meets-rejections-after-almost-reclaiming-july-high/