BOME Price Pullback Brings The Best Entry Opportunity!
The post BOME Price Pullback Brings The Best Entry Opportunity! appeared first on Coinpedia Fintech News
Finding huge demand upon its launch, the Book of Meme token finds a quick rise in market value and creates a buzz in the meme coin sector. Standing out amongst the growing crowd of meme coins is never an easy task, and the quick fame for BOME helps its uphill price run.
The meme coin has increased in value by 10,448% in just a matter of days and is currently taking a short pullback. With a clear exhaustion in buying pressure, the doubts are growing amongst the desperate market participants. So, will the BOME price find its way back to the bullish track?
Dropping from the peak of $0.02861, the BOME price is currently forming an overhead resistance trendline in the 1H chart. With a 26% drop, the meme coin retests the $0.015 psychological mark and reflects the presence of a demand zone.
However, the prevailing bull run and the ongoing correction present a flag pattern, highlighting the possibility of a trendline breakout. Currently, the BOME price trades at $0.018030 with an intraday move of +4.72%, reflecting a surge in underlying demand.
With the bounce back from the psychological mark and the prevailing uptrend supported by the constant rise in interest in the meme coin sector, the Book of MEME price could skyrocket. Further, the declining trend in trading volume in the pullback phase reflects weak selling pressure. Thus, it supports a bullish turnaround possibility.
Will BOME Price Reclaim $0.050?
With a significant demand at lower levels and the increasing buzz around the Book of MEME in the market, the bulls are ready for a rally. Potentially, the uptrend could breach the overhead trendline and mark an entry opportunity for sideline traders.
Currently, the meme coin is challenging the overhead trendline. Further, as per the trend-bassed Fibonacci levels, the uptrend could reach the $0.042 mark. Thus, it increases the likelihood of a jump to $0.050.
Filed under: Bitcoin - @ March 18, 2024 7:19 am