thecoinrepublic.com
BOME, or Book of Meme, a Solana-based memecoin, saw a sharp recovery from its demand zone in the last two weeks.
It recuperated over 60% and was poised for an upcoming breakout at press time. It was trading at $0.0130 with an intraday gain of 10%, highlighting the bullish projections.
Besides popular memecoins like Shiba Inu, PEPE, and DOGE, BOME obtained higher percentage gains because of its steep rise.
Investors in BOME were having their belle of the party moment, given that the coin has surged over 50x in the past two weeks. Being in the green territory, the memecoin pulled back, reflecting bullish traction.
It crossed the pivotal hurdle of $0.01030 with a strong volume surge of over 80%. It displayed speculative moves and seeks a breakout soon.
Based on the Solana blockchain, the recent surge in SOL price fueled the buying pressure in BOME. It experienced a notable shift in its price action.
Notably, BOME is comfortably placed above the 200-day EMA mark. It seemed eager to sprint in a bullish wave ahead.
BOME Looks Bullish: Is a Breakout Imminent?
BOME’s technical setup displayed bullish projections and was primed for a sharp breakout. A massive spike would be seen ahead once it breaches the primary hurdle of $0.01100.
The memecoin was still caged inside a falling channel, and a significant breakout was on the horizon.
It made a triple bottom near the demand zone of $0.006500 and exhibited a recovery accompanied by a volume surge. This week, it defied the selloff and made a fresh higher high swing above the 100-day EMA mark.
Still, the memecoin has yet to cross its falling trendline hurdle and is eyeing a significant shift beyond it. Meanwhile, the buyers looked confident and tried to handle the dominance shortly.
The RSI curve showed a sharp spike to 62, reflecting sustained buying pressure. Similarly, the MACD indicator protected the bullish crossover, displaying an outperform outlook.
Social Dominance Exhibits Surge
After the impressive price recovery, spectaculars started chatting about BOME, and a significant spike in social dominance was noted. This week, a surge of over 8% to 0.239% in the dominance value was noted.
Similarly, the weighted sentiment value witnessed a spike and crossed the zero line at 0.176. This underlined the sentiment change among the investors this week.
$bome still strong pic.twitter.com/lswbeRBbNF
— KNIGHT $INJ TO 100$ (@cryptoknight890) July 30, 2024
Its funding rate data showed a positive value of 0.00051%, reflecting a bullish sentiment among investors. The memecoin could experience further bullish swings.
If the memecoin fails to sustain near the 200-day EMA mark, it may fall toward the immediate support zone of $0.01000. This was followed by $0.009970. Conversely, if it continues to rise, it may face the $0.01100 hurdle, followed by $0.01180.
The BOME token price has traded near the breakout zone of $0.01100, seeking a sharp upward rally ahead. Once it breaks and closes above it, a potential upmove toward the upside of $0.01200 in the short term can be seen.