Solana-based meme coin Book of Meme (BOME) has witnessed a resurgence in bullish bias amid the correction in the broader cryptocurrency market. Due to increased trading activity, the global cryptocurrency market capitalization has increased by 9% in the past week.
This rally has impacted BOME’s value, which surged by over 10% during the same period and appears poised for more gains.
Book of Meme Appears Ready For Liftoff
A major confirmation of the growing bullish bias is the setup of BOME’s Alligator Indicator. This indicator tracks an asset’s market trends and identifies its potential price reversal points.
It is made up of three smoothed moving averages, known as the Alligator’s Jaw (blue line), Teeth (red line), and Lips (green line).
In the early hours of Thursday, readings from BOME’s Alligator indicator show that the green line crossed above the red line and now trends towards the blue line.
This crossover marks the start of an uptrend. It means that BOME’s recent prices are increasing faster than the medium-term trend. If the green line continues to move towards and potentially above the blue line, it indicates increasing bullish momentum.
Traders often interpret this crossover as a signal to enter long positions. The uptrend will strengthen if the green line crosses above the blue line and the three lines start to spread apart.
Another notable indicator that highlights the growing bullish activity in the BOME market is its Moving average convergence/divergence (MACD). At press time, BOME’s MACD line (blue) rests above the signal line (red) and attempts to cross above the zero line.
This indicator identifies the changes in an asset’s price strength, direction, and duration. When set up this way, the asset’s short-term price momentum is stronger than its long-term momentum. This is generally seen as a bullish signal, suggesting that the price may continue to rise.
BOME Price Prediction: Meme Coin May Fall To All-Time Low If Sentiment Shifts
If BOME maintains its current uptrend, it will rally past the $0.01 level. The meme coin last traded above this level at the beginning of June.
Read More: BOOK OF MEME (BOME) Price Prediction 2024/2025/2030
However, if the bears regain market control, they will force a price decline, which might cause BOME to exchange hands at an all-time low of $0.0063.
The post Book of Meme (BOME) Bulls Awaken As Meme Coin Attempts Short-Term Rally appeared first on BeInCrypto.
