Book of Meme (BOME) Price Eyes Short-Lived Uptrend Amid Bearish Pressure

2 months ago 37

Despite its quick rise to a $1 billion market cap, Book of Meme (BOME) is now a shadow of its former self. As of press time, the altcoin is trading at $0.0070.

This value indicates that the Solana-based meme coin is now 74.78% below its peak from the first quarter of this year. However, on-chain data suggests that while the token has declined, it is far from finished.

Market Doubts Book of Meme Potential Upswing

Despite BOME’s recent downtrend, the cryptocurrency’s price has risen by 20% over the last 30 days. From a technical standpoint, the token could see further gains, although they may be short-lived.

The daily BOME/USD chart shows the formation of a falling wedge. By definition, a falling wedge is a bullish pattern typically observed when a cryptocurrency’s price experiences lower highs and lower lows following a previous increase.

This pattern also contains a period of consolidation, after which a breakout occurs. For BOME, the token is on the brink of another rising trend, as shown below.

If nothing alters this pattern, then BOME’s price could aim for the overhead resistance. However, according to Santiment, the Weighted Sentiment around BOME is negative.

Weighted Sentiment tracks online comments about a cryptocurrency, with a positive rating indicating a bullish sentiment among market participants. Conversely, a negative rating suggests a bearish outlook.

If this negative sentiment persists, BOME’s recent uptick could be short-lived, as it may not be supported by increased demand.

BOME Price Prediction: Bullish Validation Remains Vital

Beyond the perception above, the Relative Strength Index (RSI) shows that buyers are attempting to keep up the pressure. The Relative Strength Index (RSI) is a technical indicator used to measure momentum. Declining RSI readings indicate weakening buyer strength, while an increase suggests growing bullish momentum.

At press time, the RSI is 42.76, a reading higher than it was days ago. Despite the rise in momentum, the rating has yet to surpass the neutral line, suggesting that it could be challenging to sustain the predicted uptrend.

A look at the Fibonacci retracement indicator gives insights into the potential support and resistance level BOME may reach. From the image below, BOME’s price may hit $0.0075 in the short term. If buying pressure increases, the value could rise to $0.0093.