- BOME’s value has risen by double digits within the final 24 hours
- Previous few weeks have seen it consolidate inside a horizontal channel too
The current surge within the memecoin market has contributed to the frog-themed token Ebook of Meme [BOME] recording a 21% value hike within the final 24 hours.
At press time, the altcoin was valued at $0.0125 on the charts. In the course of the early buying and selling hours of 16 Might, BOME’s value rallied to a one-month excessive of $0.13, earlier than a slight disadvantage to its press time stage, in keeping with CoinMarketCap.
BOME makes an try
The lull within the crypto-market earlier than the current uptrend brought about BOME’s value to commerce inside a slim vary, forming a horizontal channel.
This channel is often shaped when an asset trades sideways inside a selected vary over a given time frame. This happens when neither the asset’s patrons nor sellers have a robust sufficient affect to push the value considerably up or down. On this state of affairs, a zone is created the place the asset’s value bounces between a excessive and a low, which kinds its resistance and help ranges.
In BOME’s case, it has confronted resistance at $0.0127, whereas discovering help at $0.007.
On the time of writing, BOME appeared poised to commerce above its resistance stage. A purchase sign is generated when an asset’s value breaks above the higher resistance pattern line.
AMBCrypto’s assessments of different key technical indicators confirmed the potential of a breach above this resistance stage.
For instance, BOME’s key momentum indicators had been noticed in uptrends at press time. Its Relative Energy Index (RSI) was 58.38, whereas its Cash Circulation Index (MFI) was 61.95.
At these values, these indicators revealed that purchasing stress exceeded profit-taking exercise.
Moreover, BOME’s Chaikin Cash Circulation (CMF) rallied above its zero line to put up a worth of 0.03 at press time. This indicator tracks the circulate of cash into and out of an asset. When it returns a worth above zero, the market is being provided with the liquidity wanted to maintain an asset’s value.
Additionally, BOME’s Elder-Ray Index returned a constructive worth, confirming the continuing bullish pattern. This indicator measures the connection between the energy of the altcoin’s patrons and sellers available in the market.
![BOME 1-Day chart TradingView](https://ambcrypto.com/wp-content/uploads/2024/05/BOMEUSDT_2024-05-16_06-55-35.png)
![BOME 1-Day chart TradingView](https://ambcrypto.com/wp-content/uploads/2024/05/BOMEUSDT_2024-05-16_06-55-35.png)
Supply: BOME/USDT on TradingView
When it’s constructive like this, bullish management dominates the market. At press time, BOME’s Elder-Ray Index was 0.0024.
Learn Ebook of MEME’s [BOME] Worth Prediction 2024-25
What subsequent for BOME?
![BOME 1-Day chart TradingView](https://ambcrypto.com/wp-content/uploads/2024/05/BOMEUSDT_2024-05-16_06-57-28.png)
![BOME 1-Day chart TradingView](https://ambcrypto.com/wp-content/uploads/2024/05/BOMEUSDT_2024-05-16_06-57-28.png)
Supply: BOME/USDT on TradingView
If BOME breaks above its resistance, its subsequent value level will probably be $0.015. Nevertheless, if this projection is invalidated and the bears regain management, the memecoin’s worth may be compelled in the direction of its help at $0.009.