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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Apr 02, 2024 06:52 UTC
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BOME Price Revives Uptrend With 65% Upside Potential
The BOME price takes a bounce from the support trendline in action.
The bullish reversal challenges the 38.20% Fibonacci level for a breakout event.
Considering the uptrend leads to a breakout, the BOME price could hit $0.30.
Following the remarkable surge, the Book of Meme token, BOME, shows a price recovery to overcome the pullback. However, with the entire crypto market facing a huge sell-off wave, the meme coin takes a hit, delaying the next bullish surge.
Despite the strong underlying demand, the higher low formation teases a comeback in the coming week with the sideline traders expecting a jump beyond $0.30. So, let’s have a closer look at how the BOME price could perform with a potential market recovery around the corner.
Following the drop in BOME price from the peak of $0.02685, the meme coin takes support at $0.01352. The support level aligns with the 61.80% Fibonacci level, leading to the ongoing bounce back. With this reversal, the meme coin is on the way to conclude the pullback.
The bullish reversal accounts for a 72% rise in the last two weeks, reflecting a gradual recovery and hints at a stronger rally ahead. Moreover, the uptrend in BOME price leads to a support trendline formation in the 4H chart.
Currently, the meme coin trades at $0.01685, with a 20% surge last night, reflecting a strong bull run in motion. With the buyers sustaining dominance above the 50% Fib level and the ongoing brawl at the 38.20% level, the BOME price stands at a pivotal stage.
Also Read : Memecoin Bloodbath Continues! Dogecoin To Retest It’s Low Of $0.15?
Will BOME Price Top $0.030?
With the strong selling spree in the top altcoins and Bitcoin, the meme coin industry also takes a hit. As the top meme coins are under extreme supply pressure, the underlying demand is challenged.
As per the BOME price analysis, the support trendline could prolong the uptrend to surpass the previous peak at $0.026. Therefore, the meme coin shows an upside potential of 65%. Further, the prolonged uptrend with the breakout rally could hit the $0.030 mark.
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