BOOK OF MEME (BOME) Falls 12% Post Mid-October High, Bullish Confirmation Awaited
BOME's price made a higher high but displayed weakness. Although we saw signs of an uptrend, the latest downfall threatens the outlook.
Key Takeaways
- BOME has entered a new bullish phase after prolonged consolidation.
- The current uptrend could target $0.015 based on wave analysis.
- Reversal below $0.0125 may signal further sideways movement.
BOME’s price spiked to $0.028 upon release in mid-March, followed by a sharp decline to $0.0054 by August.
After consolidating in a horizontal support zone, BOME began a new uptrend in October.
It broke above key resistance levels and recently reached $0.0125, signaling a potential new bullish phase.
BOME Price Analysis
The price of BOME spiked to $0.028 upon its market release in mid-March. This was the highest price, as a sharp downturn followed to $0.010 on March 18.
From there, we saw a continuous downtrend, leading to a low of $0.0054 on Aug. 5. The price action formed a descending flat triangle with a horizontal support zone around $0.0077 and $0.0056.
The price moved sideways inside the horizontal zone from the August low to Oct. 10. A new uptrend started, leading to a breakout above both the horizontal zone and descending resistance, signaling the onset of a new bull phase.
Its first high was at the $0.010 resistance reached on Oct. 15, and a retracement followed upon the interaction. This was the first higher low of $0.067 on Nov. 5 and the second signal of the coming uptrend.
Today, Nov. 14, BOME made a higher high compared to mid-October, coming to $0.0125, providing the third confirmation of the new bull phase.
However, it shows signs of weakness at the horizontal resistance, questioning the bullish outlook.
BOME Price Prediction
Analyzing the wave structure behind the move from Oct. 10, we see that the price developed an uptrend, followed by a 0.786 Fibonacci retracement correction until Nov. 4.
The following uptrend should be its third sub-wave of the five-wave pattern. Still, its current length isn’t enough to confirm the projection.
If this is the developing wave 3, we should see the momentum increasing and reach a higher length than its first move.
This is why we can anticipate further upside advancement to the 1.618 Fib extension level of $0.015.
Failure to do so and an immediate reversal could invalidate this projection and indicate that BOME still has more sideways movement ahead before it can start a new bull phase.
However, if it does advance higher, the uptrend will be confirmed, with its ultimate target set at $0.020 for this advancement.
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