The 3rd largest Solana meme coin BOME is in a downward trend, moving 37% alone in the last 30 days. Currently changing hands at $0.008212 with price action being bearish.
With the overall market under dark clouds and the Bitcoin price dropping to new lows, the market sees an increased fear index. Memecoins have been injured as their performance is directly proportional to the Bitcoin direction.
BOME is now walking near a critical support zone of $0.0079, after breaking into a previously strong support level earlier today. A restest or continuation below this level will encourage holders to place sell positions leading to further decline.
The last time BOME dropped below this support was on April 15th.
The BOME/USDT Chart of 4 hours reveals a clear downtrend with technical indicators in the neutral zone and price moving below all moving averages.
In an in-depth analysis, we can see the Alligator indicator prints a Blue line above the green ad red and the momentum is above the price, indicating an open beanies signal.
The RSI shows the price is in the oversold zone, making a short reversal possible to keep te price above the support level.
The BOME price now is under the control of bears, a shift in special falling social sentiment, and Bitcoin price can only release the hold.
This can be measured by the Wieghted Sentiment indicator which is currently around -0.5, in negative, This indicator shows asset sentiment on social media and other sources, if negative means the assert discussions are too low to consider.
Bulls of Bome now need to hold the price above the $0.008 zone dauntless the sentiment shift occurs. However, a bull power above $0.01 is required to make a rebound and break above the downward resistance.
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