Bome (BOME) Token Rallies a Little Amidst Market Bloodbath, But Bulls Still Missing in Action

Amid a slight break in selling, some altcoins have recovered a little with Bome posting gains in the last 48 hours.

Bome price analysis reveals a slight recovery from recent lows.

The meme coin is still trading within a downtrend.

Bome price is showing signs of strength but lacks sufficient buying volume.

The frog-inspired meme coin, Bome, has seen a slight recovery over the last 48 hours, as some altcoins are posting gains amid a brief break in selling. This bounce in Bome’s price is triggered by an increase in buying volume, but it appears to be insufficient to herald the return of the bulls.

Bome price still weak despite recent recovery

Bome is still trading within a downtrend, despite the recent bounce. This downtrend began forming after the meme coin failed to sustain buying pressure at a key resistance level on the daily chart.

After failing to rally further, Bome price dropped to recent lows of $0.00922 on the 24th of May, which now acts as weekly support. However, bulls reacted strongly to last month’s lows, which has technically brought a slight relief in the market since Wednesday.

Bome price is now changing hands well above the $0.011 level at the time of writing, showing a sign of strength. But the buying volume is not enough to return the bulls.

While the meme coin is gaining traction today, it would be too early to start considering an upward shift in the latest market structure. A strong weekly close above the previous month’s high should confirm the shift.

But if Bome continues its short-term roller coaster, we can expect a dip below the current weekly support. And if that comes into play, May and April’s low would be the next selling target before deciding on where next to head.

As of now, the setup is still looking dicey for an upward movement as the market remains under the bear’s radar from a short-term perspective. More bearish actions should be expected if the bulls fail to commit.

BOME’s Key Level To Watch

The $0.01415, $0.016 and $0.0185 resistances are the potential levels capable of posing a threat at Bome in the future. Overcoming all these levels could trigger a surge to $0.024 and $0.029 before rallying hard.

It is currently sitting on a weekly support of $0.00922. If the price drops and this support breaks, the next test level to watch is May’s $0.00825 and April’s $0.00712 lows.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bome-bome-token-rallies-amidst-market-bloodbath-bulls-missing-action.html

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