Amid a slight break in selling, some altcoins have recovered a little with Bome posting gains in the last 48 hours. This was triggered by an increase in buying volume but it appeared not enough to bring the bulls back.
The frog-inspired meme coin – Bome is still positioned in a downward range but has seen a slight bounce off a recent low of $0.00922, which is now considered as weekly support.
Meanwhile, the bounce came as a result of bulls’ strong reaction to last month’s low, which has technically brought a slight relief in the market since Wednesday. It is 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.
Key Resistance Levels: $0.01415, $0.016, $0.0185
Key Support Levels: $0.00922, $0.00825, $0.00712
- Spot Price: $0.01
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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