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BOME’s 21% Increase Indicates What’s on the Horizon for the Memecoin

  • Hey there, guess what? BOME has seen a whopping double-digit price jump in just one day!
  • And here’s the kicker – it’s been chillin’ in a horizontal channel for the past few weeks too!

The memecoin market has been buzzing lately, and our favorite frog-themed token Book of Meme [BOME] has surged by a remarkable 21% in the last 24 hours.

As of now, the altcoin is sitting pretty at $0.0125 on the charts. On the 16th of May, early trading hours saw BOME reach a one-month high of $0.13 before easing back to its current price, according to CoinMarketCap

BOME on the move

Before the recent upward trend, BOME was stuck in a narrow range, creating a snazzy horizontal channel.

This channel forms when an asset jives sideways within a specific range for a while. It happens when neither the buyers nor the sellers have enough mojo to swing the price up or down. Picture this – a cool zone where the price bounces between a high and a low like a pro dancer, creating its resistance and support levels. 

For BOME, it’s been jamming at resistance at $0.0127 and vibing at support at $0.007. 

Right now, BOME seems ready to groove past its resistance level. When an asset’s price boogies above the upper resistance trend line, it’s a signal to buy.

AMBCrypto’s cool tech indicators are also nodding to this possible breakthrough.

Check it – BOME’s key momentum indicators are rockin’ uptrends. The Relative Strength Index (RSI) is at 58.38, and the Money Flow Index (MFI) is at 61.95 at the moment. 

These rad values show that buyers are outshining the profit-takers in the dance floor.

Plus, BOME’s Chaikin Money Flow (CMF) is off the charts, scoring 0.03 right now. This indicator tracks the flow of dough in and out of an asset. A value above zero means the market’s got enough cash flow to sustain the asset’s price. 

What’s more, BOME’s Elder-Ray Index is in the green, confirming the awesome bullish vibes. This indicator sizes up the battle between the cool cats buying and selling the altcoin.

BOME 1-Day chart TradingView

Source: BOME/USDT on TradingView

With the party vibes strong, BOME’s Elder-Ray Index stands at 0.0024 as of now.

 


Keen for more? Check out Book of MEME’s [BOME] Price Prediction 2024-25


What’s next for the froggy BOME?

BOME 1-Day chart TradingViewBOME 1-Day chart TradingView

Source: BOME/USDT on TradingView

If BOME breaks free from its resistance, it could hit $0.015. But, if the bears take control again, the memecoin might groove back to its support at $0.009. 

Next: Ethereum’s got a hot buy signal – Are the ETH whales joining the party?

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