BOOK OF MEME (BOME) Triggers a 20% Upswing: A 30% Rise Could be on Horizon

The post BOOK OF MEME (BOME) Triggers a 20% Upswing: A 30% Rise Could be on Horizon appeared first on Coinpedia Fintech News

With a huge rise in trading volume of over 40%, the levels reached beyond $800 million, which is at par with the current market cap of the memecoin. The holder’s count is also growing, which indicates memes are taking over and do not appear to be unstoppable. The BOME price’s strong breakout from horizontal resistance in HTFs, as well as the ongoing consolidation above the resistance-turned-support level, appear to point to another 80% to 90% rally as volume continues to rise significantly. 

Soon after its inception, the bears had a great time as they were held under enough pressure over the token. However, after a prolonged consolidation, the asset usually triggers a massive price action. Therefore, a similar price action has occurred as the price soared above the decisive symmetrical triangle after consolidating for over a month. 

As mentioned, the price traded within a pre-defined range and approached the apex of the triangle. The rise in the buying volume, assisted the rally to initiate a breakout and test the initial resistance level at $0.012. The bears are exerting some pressure at the moment, which may fade away once the bearish strength weakens. Besides, the RSI has been ranging within an ascending parallel channel and is about to test the upper band. This may cause a minor pullback, but the bulls may manage to hold an ascending trend. 

Therefore, the BOOK OF MEME price is believed to undergo a retracement to the resistance of the triangle, which has now become the new support zone. Once done, the price may revive a fresh bullish upswing towards the higher resistance at $0.014. These levels have acted as a strong resistance level before, which has validated the presence of bears. Therefore, a rise above these levels may offer a strong base for the token to propel towards higher targets close to $0.02.