Book of Meme (BOME) Price Surges 40% While PEPE and Other Meme Coins Stumble – What’s Driving the Rally?
Many top cryptos are down today, but Book of Meme (BOME) has been green. The price has increased by more than 40% in the past 5 days.
Meme coins like PEPE, WIF, and BONK have declined by 5%, 10%, and 6% within the same period.
Looking at the price action, BOME has been trading below a descending trendline since March. Whenever the price gets to the trendline, it declines to a key support level at around $0.007.
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Show more +When it gets to that support, it also bounces off and rallies back to the resistance. This consolidation pattern has been the trend since March.
The price bounced off this support again some days ago and is now moving towards the resistance level. Therefore, the resistance serves as a key target for the next bearish reversal.
The relative strength index indicator is at 64 on the daily timeframe, which shows that there is still room to run before a possible retracement within the bullish run.
The 50-day simple moving average is now a price support, strengthening the possibility of a continued bullish move in the short term.
Read Also: XRP Set for 60,000% Price Surge? This Ripple Indicator Mirrors 2018 Rally
BOME Medium-Term Price Prediction
The descending trendline and the strong support at around $0.007 are key to BOME’s next price direction.
The price approaches the trendline again, and short-term traders may start to drop their positions, possibly causing the price to decline.
However, a break above the trendline will be a change of trend. A rally could begin from there.
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