Memecoins
Book Of Meme (BOME) Continues to Drop Below $0.08, Hold or Sell?
- Book Of Meme (BOME) is trading near the crucial support at $0.0079
- Technical indicators show a neutral to bearish trend
- Market sentiment has been negative for a long time and a change is expected
Solana’s third-largest meme coin, BOME, is in a downtrend, moving 37% alone in the last 30 days. It is currently changing hands at $0.008212 with a bearish price action.
BOME Near the crucial support zone
As the overall market is under dark clouds and Bitcoin price is dropping to new lows, the market is experiencing an increased fear index. Memecoins have been hurt as their performance is directly proportional to the direction of Bitcoin.
BOOM is now approaching a critical support area of $0.0079, after breaking through a previously strong support level earlier today. A rest-test or continuation below this level will encourage holders to place sell positions, leading to further decline.
The last time BOME fell below this support was on April 15.
The chart shows no strong direction
The BOME/USDT 4-hour chart reveals a clear bearish trend with technical indicators in the neutral zone and price trading below all moving averages.
In a deeper analysis, we can see that the Alligator indicator is printing a blue line above the green and red and the momentum is above the price, indicating an open beanies signal.
The RSI shows that the price is in the oversold zone, making a short reversal possible to keep the price above the support level.
BOME Price Prediction
BOME price is now under the control of bears, a shift in social sentiment to the downside, and Bitcoin price can only loosen its grip.
This can be measured by the weighted sentiment indicator which is currently around -0.5, negative. This indicator shows the sentiment of assets on social media and other sources, so negative means that discussions about the claims are too low to be taken into account.
Bome bulls now need to sustain the price above the $0.008 area without fearing a change in sentiment. However, bullish strength above $0.01 is needed to stage a rebound and break the downside resistance.