š„ How High Can BOOK OF MEMEĀ Price Go After 20% Surge?
BOME price increases rapidly as attention shifts to Solana meme coins.A golden cross pattern set to affirm the bullish thesis, as bulls eye $0.02.The RSI breaks bearish divergence as bulls take back the reins.BOME futures open interest jumps 74% as interest in the meme coin soars.
Meme coins in the Solana ecosystem flaunt a cumulative net increase of more than 5% on Monday, with BOOK OF MEME price leading the perk. This price uptick comes as Bitcoin makes another debut above $70,000 jolted by former US President and the Republican Party nominee Donald Trumpās speech at the Bitcoin Conference in Nashville.
Despite BOOK OF MEME rallying 20% to $0.0105, price action will be affected by several factors including the upcoming FOMC meeting, the general sentiment in the market, the buzz aroundĀ meme coins, especially those in the Solana ecosystem as well as key support and resistance areas.
šø Whatās Next As BOOK OF MEME Price Rally Faces Key Resistance?
After the drastic drop in early July,Ā BOME priceĀ successfully retested $0.0065 support, culminating in a major trend reversal. Although the initial attempt lost momentum at $0.0095, bulls were not ready to give up control, at least not entirely.
Therefore, they pushed for a second attempt, bolstered by an ascending trend line support. And as soon as bulls collected enough liquidity between $0.007 and $0.008, BOOK OF MEME rebounded, breaching the stubborn hurdle at $0.0095 and blasting to $0.01065.The drivers of this bullish outlook range from the sudden increase in volume following the breakout above the triangle pattern to the Relative Strength Index (RSI) rising above a key bearish divergence.
However, traders must be cautious with the RSI showing signs of weakness after entering the overbought region. Should the RSI slide into the neutral area, some people may decide to cash out, thus accelerating the correction.