The crypto market can be unexpected, as a recent analysis shows for Book of Meme (BOME). Popular crypto analyst Alan Santana on TradingView claims that BOME
A recent analysis predicts trouble for Book of Meme (BOME) in the coming days. The meme coin has been performing poorly, and a closer look reveals why.
After peaking in October, BOME faced strong resistance at the highs recorded in August and September. As the token began to fall in value, this support turned into resistance, worsening the effects.
Now, a recent analysis by popular crypto analyst Alan Santana on TradingView shows that BOME has moved from trading above these important support levels to breaking below them, indicating a verified bearish trend.
BOME Price Analysis: Key Resistance Levels And Potential Downtrend
Santana’s analysis highlights these now-resistance levels, marked on the chart by purple lines. “Book of Meme below resistance = crash,” he says, matter-of-factly.
The implication is that the token might keep spiraling down until BOME finds a way to break above these resistance levels.
The chart also marks potential future support levels with orange rectangles, suggesting that the token could fall further if the selling pressure persists.
At the time of writing, BOME trades at around $0.007791. It has seen an 8.66% decrease over the last seven days and a 2.11% drop in the last 24 hours. These figures show the meme coin’s struggles amidst market conditions that seem to favor the bears.
In contrast to this bearish analysis, a previous CNF report highlighted a more optimistic view from another analyst. This analyst observed that BOME had recently broken out of a Falling Wedge pattern, which is usually interpreted as a bullish signal.
Moreover, adding to the possibility of a rally was the formation of an inverse Head and Shoulders pattern. While subsequent market movements and the confirmed breach below support paint a different picture, these bullish signals had initially suggested increasing momentum for BOME.
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