Book of Memes Mounts Volatile Recovery – But What’s Next for BOME Price?
Is Book of Memes (BOME) a joke to you? It might be now. BOME crypto, which once rocketed to a $1 billion market cap, is now scraping by at $0.0070, down a brutal 74.78%.
Yet, on-chain metrics suggest that BOME isn’t down for the count just yet.
Market Sentiment: Doubts and Hopes For Bome Crypto
Here are some important metrics at a glance for BOME:
- Price: $0.007058
- Support Levels: $0.007015, $0.007000
- Resistance Levels: $0.007200, $0.007500
- 20-day SMA: $0.007015
- 200-day SMA: $0.007042
- RSI: 59.96
- MACD: Weak bullish crossover potential
BOME has taken a hit, but a 20% climb in the last 30 days is suggesting a potential rebound.
The coin’s daily chart is forming a falling wedge—a bullish pattern typically observed at lower lows after a previous increase—which could signal a breakout and a fresh rally.
Hopeful chart patterns aside, BOME’s vibe is trending down.
Santiment’s sentiment metrics reveal a bearish mood among traders. If this gloom lingers, it might snuff out BOME’s recent gains.
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Silver Lining for BOME Price: Is a Breakout on The Horizon?
Bears might be losing ground as the 20-day average inches closer to the 200-day for Bome.
A crossover could spark a bullish golden cross.
The Bollinger Bands for Bome crypto are relatively tight, indicating a period of low volatility. The price is currently hugging the middle of the bands, suggesting consolidation. However, with the price nearing the upper band, there is a potential for a breakout if momentum builds.
$BOME will melt faces pic.twitter.com/0jxMCaeZFR
— Fractal (@frektal) August 12, 2024
While TA might paint a somewhat rosy picture for Book of Memes, it is teetering on a knife-edge.
Sellers could drag it down to $0.0052, a stark reminder of its wild, volatile nature. Currently, in consolidation, BOME is flirting with key resistance levels.
Although a breakout is possible, traders should look for a decisive bullish move before entering.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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