BOME price rises, but you should not sell just yet – Here’s why

  • BOME witnessed a surge in price over the last 24 hours.
  • Sentiment and social volume around the token fell.

Even though the memecoin sector grew considerably in the past, tokens such as BOOK OF MEME [BOME] were overlooked as dogwifhat [WIF] and BODEN continued to garner attention.

What’s next for BOME?

Over the last 24 hours, BOME experienced significant growth. However, despite this upward momentum, the token struggled to break free from its bearish trend.

Since testing the $0.0252 level on the 17th of March, BOME has exhibited a pattern of multiple lower lows and lower highs, indicating a challenging market environment for the memecoin.

If BOME manages to test the $0.0128 price levels, there could be a chance of a reversal in the future and the token could aim for the $0.0183 price point next.

During this period, the Relative Strength Index (RSI) surged to 57.08, indicating increasing buying pressure while not being in an overbought state.

Moreover, the Chaikin Money Flow (CMF) rose to 0.17, suggesting a higher amount of money flow into the memecoin.

BOMEUSDT 2024 04 20 17 53 45

Source: Trading View

The Social Volume surged in recent days, reflecting heightened interest and engagement within the community. This influx underscored the growing interest in BOME and its potential for further growth.

However, despite the increased activity, Weighted Sentiment declined during this period, with negative comments outweighing positive ones.

This shift in sentiment could potentially impact investor confidence and market dynamics and can act as a hurdle against BOME’s price movement in the future.

BOOK OF MEME BOME 17.53.25 20 Apr 2024BOOK OF MEME BOME 17.53.25 20 Apr 2024

Source: Santiment

Traders bleed

In the past 24 hours, BOME witnessed liquidations totaling $575,000 in long positions, signaling market volatility and potential risk exposure.

Read Book of MEME’s [BOME] Price Prediction 2024-25

Interestingly, trader behavior exhibited a shift, with long positions experiencing significant growth while short positions declined.

This indicated a shift in market sentiment and investor sentiment towards a more bullish outlook — despite suffering liquidations, bulls continued to have faith in the memecoin.

Screenshot 2024 04 20 at 5.54.13 PMScreenshot 2024 04 20 at 5.54.13 PM

Source: Coinglass

Next: XRP’s long-term price targets: Can it repeat 2017 and 2021’s performances?

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