Zameer, a seasoned financial analyst focusing on cryptocurrency markets, predicts a bearish trend for Book Of Meme (BOME) coin as it faces significant downward pressure. Technical indicators suggest a neutral to bearish outlook, with sentiments expected to shift soon, impacting the overall market.
Zameer, a seasoned financial analyst and cryptocurrency market writer, has focused his expertise on technical and fundamental analyses of the cryptocurrency markets. His knowledge helps predict future price movements based on various factors influencing market behavior.
Book Of Meme (BOME), the third-largest Solana meme coin, is currently experiencing significant downward pressure. The coin has dropped 37% in the last 30 days and is trading at $0.008212, showing a bearish trend. Technical indicators suggest a neutral to bearish outlook, with market sentiments remaining negative for an extended period. These sentiments are anticipated to shift soon, affecting the overall market.
The BOME coin is near a critical support level of $0.0079, having recently broken through a previously strong support. A retest or further decline below this level could trigger more sell positions, potentially leading to a further price drop. The last occurrence of BOME falling below this support was on April 15.
A four-hour BOME/USDT chart indicates a clear downtrend with technical indicators in the neutral zone. The Alligator indicator shows a bearish signal, with the price moving below all moving averages. The Relative Strength Index (RSI) indicates that the price is in the oversold zone, suggesting a short-term reversal might be possible to maintain the price above the support level.
BOME’s price movement is currently dominated by bearish control, influenced by negative social sentiment and the overall Bitcoin price trend. The Weighted Sentiment indicator, around -0.5, reflects this negative sentiment. To stabilize and potentially rebound, BOME needs to hold above the $0.008 zone, with a bull power above $0.01 required to break the downward resistance.
