BOME Price Prediction: Breakout Rally or Imminent Downfall?

An ongoing run in BOME fractures the overhead declining trendline with a 35% increase in this cycle. However, the shorter-term trend reveals a 25% downside risk awaiting the meme coin.

After a 35% rally in the周期, an ongoing bull run in BOME breaches the overhead declining trendline. However, a shorter-term trend reveals a 25% downside risk for the meme coin.

After hitting the $0.030 peak in March, BOME faced a massive demand crunch, leading to a rapid decline to the $0.0071 support. Despite multiple attempts at a trend reversal, the meme coin’s quick exhaustion of bullish powers created a resistance trendline.

As the ongoing bullish周期 manages to absorb the overhead supply with a breakout run, a bearish pattern warns of a downfall. So, will the breakout rally in BOME continue after months of correction, or is a downfall imminent?

Book of Meme (BOME) Breakout Run and Trend Reversal

As mentioned earlier, the bearish influence of the declining trendline led to a death cross and a prolonged correction in BOME. Moreover, the loss of bullish dominance at the $0.010 psychological level resulted in a bearish alignment of the key daily EMAs (20, 50, 100).

Coming to the ongoing recovery, the higher high formation from the $0.0071 support breaks above all the crucial EMAs. Further, the bull run breaches the overhead trendline of the descending triangle formed with the $0.0071 baseline.

Presently, the meme coin forms a Doji candle at $0.01076, but the 21.50% jump over the last two days teases an uptrend continuation.

The daily RSI line faces resistance near the overbought territory, leading to a downtick, which might indicate a retest for additional momentum. Moreover, the 20D and 50D EMA are on the brink of a bullish crossover.

Bearish Megaphone Pattern in BOME Risks 25% Drop

The higher high formation on the 4H chart with massive volatility creates a rising resistance trendline; however, the support trendline remains conservative and relatively flatter, forming the megaphone pattern on the BOME chart.

Currently, BOME encounters resistance from the overhead trendline and warns of a negative cycle within. If the dynamic support of crucial EMAs fails, the meme coin could test the support trendline at $0.0080.

Further, the bearish crossover in the MACD and signal lines teases a trend reversal within the pattern.

Will BOME Crash This Week?

With a long-term breakout on the BOME daily chart, a minor correction for a retest is common. However, the 4H megaphone poses a bearish threat to the breakout rally in the meme coin.

While the supply is increasing gradually, the multiple lines of support will likely hold the uptrend. As per the daily chart, the broken trendline retest could serve as a bullish reversal point.

According to the Fibonacci retracement levels, BOME struggles to reach the 50% Fibonacci level at $0.013; however, an uptrend continuation will likely surpass it to top $0.020 in the coming months.

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