Over the past 24 hours, BOME has experienced an increase in demand.
The derivatives market has shown bullish conviction in the short term.
Analysis
The Book of Meme (BOME) recorded gains of 70% from its low of $0.087 on March 19. It was expected that a downtrend could start on the lower timeframes as the $0.0116 level failed
to hold as support.
At the time of writing, BOME’s prices were once again above this level, and bearish expectations didn’t come true.
After a deeper than expected retracement, BOME seemed to be continuing
its rally.
Trading
volume since March 17 has been relatively stable, with no sharp surges that usually accompany strong price increases. This suggested that the bullish fervor had not
yet taken hold of the market.
However, the RSI on the one-hour histogram rose above the neutral threshold of 50 on March 21. BOME also rose above the short-term resistance of $0.0134. This has been a positive development. The market structure maintained its bullish bias as the price did not fall below $0.007249, the
recent swing low.
The OBV has registered a slow increase since 19 March. Coupled with the recent change in momentum, it was an early sign that the BOME bulls were gaining strength. Memecoin still has the potential to deliver three-digit percentage gains in the coming days
and weeks.
Technical Analysis
BOME’s trading volume has been relatively stable, with no sharp increases that usually accompany strong price increases.
The RSI on the one-hour histogram rose above the neutral threshold of 50 on March 21, signaling a potential trend reversal.
The BOME also rose above the short-term resistance of $0.0134, further confirming the bullish bias.
With the spot and derivatives markets showing signs of upward growth, BOME could be ready for another leap forward.
