BOME Looks Bullish: Is a Breakout Imminent?

BOME, or Book of Meme, a Solana-based memecoin, saw a sharp recovery from its demand zone in the last two weeks.

Solana (SOL)-based memecoin BOME saw a sharp recovery from its demand zone in the last two weeks. It clocked over 60% recovery and was set for an upcoming breakout at press time. It traded at $0.0130 with an intraday gain of 10%, highlighting the bullish projections.

Apart from popular memecoins like Shiba Inu, PEPE, and DOGE, BOME clocked higher percentage gains on account of its steep rise.

Investors in BOME had their belle of the party moment, given that the coin surged over 50x in the past two weeks. Being in the green territory, the memecoin pulled back, reflecting bullish traction.

It crossed the pivotal hurdle of $0.01030 with a strong volume surge of over 80%. It displayed speculative moves and was set for a breakout soon.

Being based on the Solana blockchain, the recent surge in SOL price fueled the buying pressure in BOME. It saw a notable shift in its price action.

Notably, BOME was placed above the 200-day EMA mark comfortably. It seemed set to sprint in a bullish wave ahead.

BOME Looks Bullish: Is a Breakout Imminent?

Technical setup of BOME displayed bullish projections and was priming for a sharp breakout. A massive spike would be seen ahead once it breaches the primary hurdle of $0.01100.

The memecoin was still caged inside a falling channel, and a breakout was on the horizon.

It made a triple bottom near the demand zone of $0.006500 and saw a recovery accompanied by a volume surge. This week, it clocked gains amid the selloff and made a fresh higher high swing above the 100-day EMA mark.

However, the memecoin is yet to cross its falling trendline hurdle and could see a shift beyond it. Meanwhile, the buyers were seen trying to handle the dominance shortly.

The RSI curve showed a sharp spike to 62, reflecting sustained buying pressure. Similarly, the MACD indicator showed the bullish crossover, displaying an outperforming outlook.

Social Dominance Exhibits Surge

After the impressive price recovery, BOME saw chatter and a spike in social dominance. This week, a surge of over 8% to 0.239% in the dominance value was clocked.

Similarly, the weighted sentiment value saw a spike and crossed the zero line at 0.176. This highlighted the sentiment change among the investors this week.

Its funding rate data showed a positive value of 0.00051%, reflecting a bullish sentiment among investors. The memecoin could see further bullish swings.

If the memecoin fails to sustain near the 200-day EMA mark, it may fall toward the immediate support zone of $0.01000. This was followed by $0.009970. Conversely, if it continues to rise, it may face the $0.01100 hurdle, followed by $0.01180.

The BOME token price has traded near the breakout zone of $0.01100, seeking a sharp upward rally ahead. Once it breaks and closes above it, a potential upmove toward the upside of $0.01200 in the short term can be seen.