A 4% increase in the market cap has led most meme coins into gains today including BOME, which is now back above $0.01. It remains bearish but more growth should be expected if the demand rises.
The entire crypto market went through many setbacks this month as many altcoins dipped to a new multi-month low with BOME resetting back to the bottom a few days ago.
Fortunately, it found support above the $0.0078 level and showed signs of strength following a sharp bounce. Buying pressure increased today and the price increased above the important $0.01 level.
It encountered a rejection under $0.011 over the past hours but has found close support on the lower timeframe and is now charging back.
However, it is important to note that this latest bounce is considered as a retracement of the bearish impulsive movement initiated from last month’s high. Although, there’s no confirmation for a reversal as it is yet to break out of structure.
But considering the latest pattern, which looks like a double-bottom, BOME seems to have reached a turning point and is likely to see a strong recovery in the coming months. A steady increase from the current trading level should confirm a buyback before breaking out of its bearish structure.
BOME’s Key Level To Watch
Source: Tradingview
Anticipating more buys in the coming days, the potential resistance levels to watch for a test are $0.012 and $0.01415. Above it lies May’s $0.016 high – the crucial resistance for a major breakout.
The $0.0093 and $0.0078 levels are now held as support. A dip below those levels could bring us to $0.00712. This will not just cause more pain but will invalidate the latest buy signal.
Key Resistance Levels: $0.012, $0.01415, $0.016
Key Support Levels: $0.0093, $0.0078, $0.00712
Spot Price: $0.0107
Trend: Bearish
Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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