Memecoins
BOME Will Memecoin Drop 20% Soon?
The leader of the cryptocurrency market, Bitcoin pricecontinues to hover near the $62,500 mark, resulting in major memecoins such as Dogecoin, Shiba Inu, and PEPE seeing a notable correction in their respective portfolios since the beginning of this week.
On the other hand, network congestion on the Solana network has proven to be a major problem for its blockchain, resulting in Solana-based memecoins having the biggest impact with the BOME price seeing a correction of around 10 % in the last day.
Furthermore, the Book Of Meme price suffered repeated rejections at its $0.0123 resistance level, indicating a strong liquidation for this memecoin at that point.
The Cross 50/200 day EMA registers strong bearish price sentiment on the 1D time frame with the 50 day EMA showing bearish convergence, highlighting a negative outlook for this memecoin this week.
The technical indicator, RSI, shows a significant drop on the chart, highlighting an increase in selling versus buying pressure in the crypto space. Furthermore, the average shows a bearish curve, which indicates negative price action for the BOME price in the next future.
Will the BOME price increase?
If the market undergoes a bullish reversal, the BOME price will retest its resistance level of $0.011060 this week. Furthermore, if the bulls hold the price at that point, the memecoin will prepare to test its upper resistance level of $0.0123 during the next week.
Negatively, if the bears continue to overwhelm the bulls, the price will trade under bearish influence and test its $0.0099 support level. Furthermore, if market sentiment continues to be bearish, this memecoin will plummet towards the lower support level of $0.0086 this month.