As many altcoins took a breathe in buying this week, Bome found support and resumed positive actions daily. It has rejected a key level but the bias remains bullish, recording its biggest monthly gains since March.
This month’s trading saw Bome through a notable increase as it rallied massively to $0.0114 in the mid-month, marking its highest price level since March. The rally led to a major break out of a mid-term resistance line on the daily chart, but it, unfortunately, faced rejection and retraced to a low of $0.0083 after three days of trading.
It bounced off this low briefly and fell back to reestablish support above the $0.0085 level this week. Amid the latest storm, it resumed buying pressure on Tuesday and tested the key $0.01 level in the past few hours.
That key level was rejected and the buying pressure temporarily halted. This triggered a small retracement to $0.00967, though the price still looks strong on the daily timeframe. Failure to push above the monthly high may subject the market to a little consolidation before breaking up.
If the latest rejection triggered another drop, Bome may retrace lower to test the broken resistance line as support. After that, it may resume rally at full speed. Nevertheless, the trend is still bullish in the short term.
BOME’s Key Level To Watch
Advancing higher, the immediate resistance level to watch is $0.0115. A surge through this resistance could send the price to June’s $0.01415 and May’s $0.016 high.
A drop below the $0.0085 support could plunge the price to $0.007, testing the resistance line. The monthly $0.0057 low is the next support to consider in case of a broader retracement.
Key Resistance Levels: $0.0115, $0.01415, $0.016
Key Support Levels: $0.0085, $0.007, $0.0057
- Spot Price: $0.00967
- 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-25-bome-rebounds-after-locating-support-but-can-it-sustain-momentum-amid-rejection/