BOMEUSD Price Spikes by 18% as the Crypto Market Signals a Potential Breakout to the Upside
- WBOYOriginal
- 2024-07-30 03:46:10590browse
Book of Meme (BOME) Coin price spiked on Monday, rising by 18.1 percent at the time of writing on the daily chart to trade at $0.0104.
Cryptocurrency prices have been on a roller coaster ride in recent months, and Monday was no different. BOME price spiked by 18.1% to trade at $0.0104 at the time of writing. This broke the coin's seven-day downturn, which saw it shed 7.9% to press time.
The crypto market has been showing signs of a potential breakout to the upside in recent days, and BOME's move could be a reflection of that sentiment. Many investors are also keeping an eye on the FOMC meeting on Wednesday, which could impact the dollar's strength.
Notably, Solana's meme coins have seen rapid growth in the last quarter, with Dogwifhat and BONK leading the way with double-digit gains on the daily chart.
BOME price 4-hour chart: Bullish momentum builds
4-HOUR CHART HIGHLIGHTSPivotal points on the 4-hour BOME price chart show that the momentum is in the hands of the buyers, with three green candlesticks spotted just above the upper band of the Bollinger Bands. This indicates strong buying pressure.
Moreover, the RSI is at 71, suggesting that the strength is still on the bullish side. This aligns with the 20-period Simple Moving Average (SMA) crossing above the 50-SMA on the 4-hour chart, providing support for the continuation of the upward trajectory.
BOME price support and resistance levels
30-MINUTE CHART HIGHLIGHTSPivotal points on the 30-minute BOME price chart show that the cryptocurrency seems to have found a pivot at $0.0102.
Therefore, the upside will likely continue if the price action stays above that mark. This could see the BOMEUSD pair encountering the first resistance at $0.0105. If the buyers continue to exert their control at that point, they will likely break the resistance and potentially move higher to test $0.0107.
However, the sellers could gain the upper hand if the pair moves below $0.0102. This could lead to the establishment of the first support at the $0.0100 psychological mark.
Further control by the sellers could breach this support and invalidate the upside narrative. It could also result in a stronger downward momentum to take the price to $0.0096.
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