Book of Meme (BOME) has just recorded a strong increase of 27% in two days; however, investors need to maintain reasonable expectations for short-term price increases.
BOME is in a short-term recovery phase, with optimistic technical signals, but there are still strong supply zones to consider for trading decisions.
MAIN CONTENT
BOME increased by 27% in 48 hours, but the resistance zone around 0.002–0.0026 USD still faces significant selling pressure.
Momentum indicators, volume, and liquidation heatmaps indicate that a bullish reversal trend is forming.
Investors should closely monitor the overall market movements along with technical support zones before making decisions.
What is BOME?
Book of Meme (BOME) is a cryptocurrency belonging to the memecoin group, notable for strong price fluctuations in a short time and attracting the attention of the cryptocurrency trading community.
BOME leverages the memecoin effect and the rapid movement of funds from speculators to create price waves, presenting both opportunities and significant risks for holders during strong up or down phases.
BOME has just surged; will the uptrend continue?
BOME has experienced a significant recovery of 27% in 48 hours despite continuous selling pressure from the resistance zone of 0.00245 USD. However, the long-term bullish outlook still faces many technical barriers to overcome.
In early May, BOME frequently failed to maintain prices above 0.002 USD and to approach the resistance level of 0.0026 USD, reflecting strong profit-taking pressure from these price zones. However, rapid surges often create a ripple effect that boosts buyer confidence in the short term.
Which resistance zones have a significant impact on BOME prices?
On the 1-day chart, BOME is trading above the short-term supply zone around 0.0021 USD. The levels 0.00205 USD and 0.0022 USD have continuously acted as resistance in recent weeks and months.
The aforementioned price zones form barriers causing BOME to adjust multiple times when approaching. In particular, the range of 0.002–0.0026 USD is a large supply zone, where investors often hesitate or sell when the market increases to this range.
What do the momentum and technical indicators of BOME indicate?
BOME's latest surge shows signs of weakening when it reached 0.00255 USD, followed by an 11.3% adjustment to 0.00226 USD within 5 hours, creating buying potential at the support zone.
Technical indicators such as OBV and RSI on the daily frame are showing growth signals. The OBV for August indicates inflows, while the RSI reached 61, reinforcing the positive trend. Meanwhile, trading volume on Friday and Saturday also exceeded average levels, signaling strong demand at important breakout phases.
"When trading volume increases significantly during breakout phases, the probability of sustaining a bullish trend is usually higher, but it is also prone to strong fluctuations due to profit-taking."
– Alex Kuptsikevich, Senior Financial Analyst, FxPro, 2023, source FxStreet
Which price area is a potential buying opportunity for BOME?
Analysis of liquidation heatmaps on CoinGlass shows that BOME reacted strongly from the money flow zone at 0.0017 USD, rising to 0.0023 USD in just one day. New liquidity pockets are appearing below the current price zone, creating a premise for buyers to participate at the support zone.
Data in the 1-week frame further reinforces important short-term target zones of 0.00216 USD and 0.0022 USD for BOME traders. Buying at these support points is considered by many traders, although monitoring the overall trend of Bitcoin and the global market is still necessary before opening long-term positions.
"The support price zone needs to be continuously defended over many sessions to confirm reliability, especially with memecoins that are highly volatile."
– Santiment, On-chain data analysis, 2024, source Santiment
Summary table of price zones affecting BOME
Price zone Technical Role Typical Price Reaction 0.0017 USD Money flow magnet zone Strong increase, large buying volume appears 0.00205–0.0022 USD Short-term resistance Often adjusts, accumulates, or fluctuates strongly 0.00255–0.0026 USD Long-term resistance Many failures to surpass, profit-taking appears
What should investors pay attention to when trading BOME in the current context?
Although BOME's recovery prospects are grounded, investors should remain cautious as the price range of 0.002–0.0026 USD has continuously accumulated selling pressure since May. Monitoring Bitcoin's movements along with the general market sentiment is always a key factor when investing in memecoins.
Additionally, investors may use a combination of technical analysis tools, liquidation heatmaps, and trading volume to increase the probability of success while limiting risks with reasonable capital management.
Frequently Asked Questions
What is BOME?
BOME is a cryptocurrency belonging to the memecoin group with strong price volatility, suitable for speculators and short-term trading.
BOME has just recovered 27% in 48 hours; what is the next signal?
Strong recovery momentum but still faces significant pressure at technical resistance zones, caution is needed when chasing price.
Which area is safer to buy BOME in the short term?
Support zones around 0.00216 USD and 0.0022 USD are potential entry points, so market observation should be combined.
What technical signals reinforce the bullish trend of BOME?
RSI, OBV, and trading volume increasing during breakout sessions are positive signs.
Should BOME be traded when the Bitcoin market is highly volatile?
Consider the risks from Bitcoin's volatility, as BOME is often significantly affected by the overall market trend.
Source: https://tintucbitcoin.com/bome-tang-manh-2-vung-quan-trong/
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