Memecoins
BOME Memecoin will soon plunge by 20%?
The crypto market leader, Bitcoin Pricecontinues to hover near the $62,500 mark, which has resulted in major memecoins such as Dogecoin, Shiba Inu, and PEPE seeing a notable correction in their respective portfolios since the start of this week.
On the other hand, congestion in the Solana network has proven to be a major problem for its blockchain, causing Solana-based memecoins to have the biggest impact, with the BOME price seeing a correction of around 10% during of the last day. .
Additionally, the Book Of Meme price was repeatedly rejected at its resistance level of $0.0123, indicating a strong liquidation of this memecoin at this point.
The 50/200-day Cross EMA records strong bearish price sentiment on the 1D timeframe, with the 50-day Cross EMA showing bearish convergence, highlighting a negative outlook for this memecoin this week.
The technical indicator, RSI, is showing a significant decline in the chart, highlighting an increase in selling over buying pressure in the crypto space. Additionally, the average shows a bearish curve, indicating negative price action for the market. BOME price in the time to come.
Will the price of BOME increase?
If the market experiences a bullish reversal, BOME price will retest its resistance level of $0.011060 this week. Moreover, if the bulls hold the price at this point, the memecoin will prepare to test its upper resistance level of $0.0123 in the coming week.
Negatively, if the bears continue to dominate the bulls, the price will trade under bearish influence and test its support level of $0.0099. Moreover, if the market sentiment continues to be bearish, this memecoin will plunge this month towards its lower support level of $0.0086.