Book of Meme (BOME) Successfully Retests Breakout Level, Poised for Upside Rally
- Linda HamiltonOriginal
- 2024-10-20 09:12:14758browse
The popular Solana-based meme coin, Book of Meme (BOME) has successfully retested its breakout level and is now poised for a notable upside rally.
Popular Solana-based meme coin Book of Meme (BOME) has completed a successful retest of its breakout level, setting the stage for a significant upswing. The meme coin’s bullish momentum is further supported by on-chain metrics like open interest, long/short ratio, and more.
Book of Meme (BOME) Technical Analysis and Upcoming Levels
As per CoinPedia’s technical analysis, BOME showcases bullish cues after breaking out from a falling wedge price action pattern. Following the breakout, the meme coin surged notably, breaching a resistance level at $0.00085 during the rally before entering correction.
However, with the recent price upswing, BOME has retested the horizontal breakout level, confirming the breakout. This retest has created an optimal trading setup for long-term or swing traders with a 1:4.5 risk-to-reward ratio.
In this setup, traders will close their positions if BOME’s price drops by 20%, breaching the $0.00076 level. Meanwhile, it offers a return of 90%, which could be a substantial gain for long-term traders. However, this target will be challenging to achieve, requiring a lot of patience.
Moreover, the meme coin is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend for BOME.
Bullish On-Chain Metrics for BOME
The on-chain metrics bolster this positive outlook for BOME. According to on-chain analytics firm Coinglass, BOME’s Long/Short ratio stood at 1.03 in a four-hour time frame at press time. This value indicates a strong bullish sentiment among traders.
Furthermore, BOME’s open interest (OI) has surged by 9.62% in the last 24 hours and 6.3% in the past four hours. The rising OI suggests increasing interest from traders and investors, likely due to the successful retest and confirmation of the recent breakout.
Current Price Momentum
At press time, BOME is trading around $0.00096, with a modest price surge of 1.05% in the last 24 hours. During the same period, its trading volume has decreased by 50%, indicating reduced participation from traders and investors compared to previous days.
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