Memecoins
BOME soars 13% in a week: Is another 100% surge on the horizon?
Is BOME poised for another 100% surge? Recent gains and bullish indicators suggest it might be.
- BOME jumps 13.30% in a week, far surpassing the global crypto market’s 0.70% rise.
- Technical analysis show BOME’s strong bullish momentum with potential for further gains.
Book of Meme [BOME] has shown impressive performance in recent days, with a price increase of 13.30% over the last week. This surge surpasses the global crypto market, which only saw a 0.70% rise in the same period.
Additionally, BOME has outperformed other meme cryptocurrencies, which collectively dropped by 5.50%.
BOME traded at $0.01055 at the time of writing, reflecting a 19.96% increase in the last 24 hours, according to CoinGecko data.
This substantial growth was accompanied by a 24-hour trading volume of $407,342,612, underscoring the heightened interest and activity surrounding the coin.
Moreover, Zen, a crypto analyst, recently tweeted,
“Last free $BOME signal gave almost 100% profit at maximum. I believe now it’s reversing again. Wide buy zone possible in between 0.0096 and 0.009 with stop on Day close below 0.00795.”
Source: X
BOME technical indicators suggest bullish momentum
Technical analysis indicates strong bullish momentum for BOME. The price has broken through the upper band of the Bollinger Bands, suggesting potential overbought conditions.
This breakout points to a departure from a previous phase of consolidation, indicating a robust upward trend.
At press time, the Relative Strength Index (RSI) is currently at 63.50, suggesting that while BOME is nearing overbought territory, there remains room for further upward movement.
Traders should be cautious as the RSI approaches the 70 mark, which could signal a potential reversal.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicator also supports a bullish outlook. A bullish crossover has been observed, with the MACD line moving above the signal line, accompanied by increasing histogram bars.
This indicates a strengthening upward trend and suggests that buying pressure is currently dominant in the market.
Market activity and investor interest
The market capitalization of BOME was $725,414,563 at press time, earning it the rank of #109 on CoinGecko. This notable market position reflects the coin’s growing prominence and investor interest.
Meanwhile, the correlation between high-value NFT transactions and market interest in BOME has been particularly strong, with significant spikes in activity observed in early May and late June.
Read Book of MEME’s [BOME] Price Prediction 2024-25
The number of unique addresses purchasing over 100k USD of NFTs and the open interest in USD per exchange for BOME indicates fluctuating trends.
These trends highlight periods of heightened trading activity and investor interest, followed by declines, showcasing the volatility in the market.
Source: Santiment
