MEME coin plummets! BOME price crashes 6%, fearing a bigger sell-off!
The frog-themed memecoin BOOK OF MEME (BOME) struggled to stay above $0.01 between June 16 and 17. However, this goal was not achieved as its price fell 6.03% in the past 24 hours.
Weighted sentiment measures how positively or negatively market participants rate a project on social media platforms. Peaks in the indicator indicate positive sentiment for an asset.
Conversely, a drop to negative territory means that the overall evaluation of cryptocurrencies is pessimistic. The assessment shows that BOME's bullish sentiment did not last, as the reading fell into negative territory hours after the surge.
As of press time, the weighted sentiment reading remains at -0.50. Typically, rising bullish sentiment can trigger demand for tokens. However, this may not happen for BOME, as the bearish outlook shows that participants have little confidence in the token's ability to make good returns in the short term.
On the daily BOME/USD chart, the 23.6% Fibonacci retracement level is located at $0.0093. Therefore, the price of BOME may retrace to this level in the short term.
At press time, CMF positions were 0.17, indicating that traders are buying BOME on dips. If this accumulation trend continues, the price of BOME may rebound and the target price may rise to $0.011.
