Entering an intense stage of pullback after impressive listing gains, the BOME price dips 38% in April. The downfall created a triangle pattern in the daily chart and even broke below the $0.010 psychological mark.
However, as the overall market finds a boost in buying pressure, the meme coin sector is back in action. Amidst the booming sector, the BOME price presents a textbook reversal pattern, teasing a prolonged uptrend.
Book of Meme Price Performance
With a market cap of $639 Million, the Book of Meme token price is on the rise as the broader market recovers gradually. Despite a negative return of 19% in the last 30 days, the BOME price is recovering and shows a 20% growth in the last 7 days.
As the recovery rally gains momentum, the BOME price escapes the triangle pattern with a double-bottom reversal. With increased trading volume, the turnaround from $0.0081 reclaims the $0.010 psychological mark.
The neckline for the reversal pattern is at $0.012 and teases a bullish breakout for a prolonged uptrend. Further, as per Fibonacci, retracement over the initial bull run presents critical price levels.
Currently, the BOME price trades at $0.0115 and struggles to surpass the 50% Fibonacci level. A break above this level will signal a buying opportunity for the sideline traders to catch the next bull run.
Technical Indicators:
RSI: The RSI line shows a massive surge to the overbought zone, reflecting increased underlying demand.
MACD: The MACD and signal lines are in a positive tandem and reflect a rise in bullish histograms.
Will BOME Price Cross $0.012?
As a crucial resistance level, the ongoing brawl at the $0.012 mark will decide the upcoming BOME price trend. A breakout rally will potentially reach the $0.023 peak for a 2x surge this month. On the flip side, a reversal could put the $0.010 level at risk.
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