Solana based meme coin BOME has entered an intense retracement phase after impressive chart gains. Additionally, the BOME price fell 38% in April. The decline created a triangle formation on the daily chart. It even fell below the psychological limit of $0.010.
along with these meme coin The industry seems to have revived again. On the other hand, in the middle of the developing sector, there are bullish sentiments in the BOME price.
Book of Meme Price Performance
With a market cap of $639 Million, Book of Meme price is on the rise as the broader market gradually recovers. Despite a negative return of 19% in the last 30 days, BOME price is on the rise. Moreover, it shows a growth of 20% in the last 7 days.
As the recovery rally gains strength, BOME price is escaping the triangle formation in a double-bottom retracement. With increased trading volume, the retracement from $0.0081 has reclaimed the psychologically important $0.010 mark.
The neckline of the reversal formation is at $0.012, signaling a bullish breakout for a prolonged uptrend. Additionally, based on Fibonacci levels, the pullback above the initial bull run presents critical price levels.
BOME is currently trading at $0.0115. However, it is trying to exceed the 50% Fibonacci level. A break above this level is likely to provide a buying opportunity for sideline traders to capture the next bull run.
Technical Indicators:
RSI: The RSI line has risen sharply towards the overbought zone, reflecting increasing underlying demand.
MACD: The MACD and signal lines are in a positive tandem and reflect an increase in bullish histograms.
Will BOME Price Pass $0.012?
The $0.012 level remains an important resistance. It is possible that this could determine the upcoming BOME price trend. A breakout rally is possible to double the price later this month, potentially reaching a peak of $0.023. On the other hand, a reversal is likely to put the $0.010 level at risk.
