- BOME noticed a steep retracement, however bulls managed to defend a key assist stage.
- The sentiment was not but in favor of the consumers, regardless that costs slowly climbed larger.
Guide of Meme [BOME] noticed a retracement start on the sixteenth of March. Costs fell by 49% over the following 24 hours to achieve a key assist stage. Speculator sentiment additionally leaned in favor of the sellers.
The meme coin noticed phishers exploit the BOME token’s latest success. AMBCrypto reported on these developments, noting that $100 million has been misplaced to phishing assaults already this 12 months.
The short-term bias appeared bullish as soon as extra
A close to 50% pullback in a day was a comparatively steep drop, regardless that a 150% rally occurred inside simply six hours on the sixteenth of March.
The Fibonacci retracement ranges (pale yellow) confirmed that the 78.6% retracement stage at $0.0147 was retested as assist.
Bulls managed to defend this stage and drive costs larger. A transfer above the $0.0247 stage would flip the market construction bullishly.
The RSI on the 30-minute chart climbed again above impartial 50 and signaled bullish momentum on this timeframe.
Although the worth motion was bullish, the OBV has trended downward over the previous 36 hours. The promoting quantity has been persistent, and the consumers didn’t but have the higher hand.
This may end in BOME being unable to flip the market construction bullishly.
Brief sellers seize the chance throughout volatility
On the seventeenth of March, BOME fell from $0.0246 to $0.0152. Throughout this 38% plunge, the Open Curiosity behind the token surged from $40.2 million to $51.8 million.
This enhance in OI whereas costs plunged was indicative of quick positions being opened.
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This highlighted sturdy bearish sentiment amongst speculators. The spot CVD additionally fell swiftly. Since then, the spot demand has not but recovered.
The Open Curiosity continued to dawdle on the $55 million mark, at the same time as costs rose slowly. The bullish momentum was not but current.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.