With most of the meme coins under intense correction, the BOME price showcases a similar trend continuation. The meme coin has lost crucial support levels and is headed to tests lower levels.
The correction phase creates a bearish pattern in the 4H chart and the surge in trading volume bolsters the downfall. However, a bullish pattern arises at a critical stage signaling a pivotal moment for the Book of MEME.
The BOME price trades at $0.00868 as it loses the critical psychological level of $0.01. This puts the meme coin under intense correction phase and warns of a downtrend continuation until the overall market recovers.
The Book of MEME token price increased by 7.66% last night to challenge the lower high formation. However, the altcoin has dropped by 5.81% as the overhead supply undermines the bullish attempt.
The falling channel pattern in the 4H chart has led to the breakdown of $0.010 and teases a drop to $0.005628. However, the sideways trend above $0.0080 teases a bullish comeback.
As the downtrend continues, a falling channel pattern is visible in the 4H chart with two dominating trendlines prolonging the downfall. Currently, the buyers are at a brawl against the resistance confluence of the $0.094 level and the overhead resistance trendline.
Also Read : Are The Top Meme Coins Going Back in Hibernation?
Technical Indicators:
RSI: The RSI line in the 4H timeframe shows a massive bullish divergence at lower levels. Thus, the momentum indicator supports the uptrend possibility.
As per the Fibonacci retracement levels, the BOME price is heading to trading below the 61.80% level. With immense supply at this level, the price analysis projects a potential drop to $0.0056, if the $0.008 level breaks.
Optimistically, a bounce back breaking above $0.0094 could top the psychological mark of $0.010. If the recovery rally aligns with the broader market recovery, uptrend could reach the $0.014 mark.
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