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Will the BOME Breakout Run Fail Due to Underlying Weakness?
The post Will the BOME Breakout Run Fail Due to Underlying Weakness? appeared on BitcoinEthereumNews.com. An ongoing run in BOME fractures the overhead declining trendline with a 35% increase in this cycle. However, the shorter-term trend reveals a 25% downside risk awaiting the meme coin. Facing a massive demand crunch after hitting the $0.030 peak in March this year, BOME declines quickly to the $0.0071 support. Despite multiple trend reversal attempts, the quick to exhaust bullish powers in the meme coin led to a resistance trendline. As the ongoing bullish cycle manages to absorb the overhead supply with a breakout run, a bearish pattern warns of a downfall. So, will the breakout rally in BOME continue after months of correction, or is a downfall imminent? Breakout Run and Trend Reversal in Book of Meme (BOME) As previously mentioned, the bearish influence of the declining trendline led to a death cross and a long correction spree in BOME. Furthermore, the loss of bullish dominance at the $0.010 psychological mark led to a bearish alignment of the crucial daily EMAs (20, 50, 100). BOME Price Chart Coming to the ongoing recovery, the higher high formation from the $0.0071 support breaks above all the crucial EMAs. Furthermore, the bull run breaks the overhead trendline of the descending triangle forming with the $0.0071 baseline. Currently, the meme coin forms a Doji candle at $0.01076, but the 21.50% jump over the last two days teases an uptrend continuation. The daily RSI line faces opposition near the overbought territory, resulting in a downtick. However, the reversal might indicate a retest for additional momentum. Moreover, the 20D and 50D EMA are on the verge of a bullish crossover. Bearish Megaphone Pattern in BOME Risks 25% Drop The higher high formation in the 4H chart with massive volatility forms a rising resistance trendline. However, the support trendline remains conservative and comparatively flatter, leading…
The post Will the BOME Breakout Run Fail Due to Underlying Weakness? appeared on BitcoinEthereumNews.com.
An ongoing run in BOME fractures the overhead declining trendline with a 35% increase in this cycle. However, the shorter-term trend reveals a 25% downside risk awaiting the meme coin. Facing a massive demand crunch after hitting the $0.030 peak in March this year, BOME declines quickly to the $0.0071 support. Despite multiple trend reversal attempts, the quick to exhaust bullish powers in the meme coin led to a resistance trendline. As the ongoing bullish cycle manages to absorb the overhead supply with a breakout run, a bearish pattern warns of a downfall. So, will the breakout rally in BOME continue after months of correction, or is a downfall imminent? Breakout Run and Trend Reversal in Book of Meme (BOME) As previously mentioned, the bearish influence of the declining trendline led to a death cross and a long correction spree in BOME. Furthermore, the loss of bullish dominance at the $0.010 psychological mark led to a bearish alignment of the crucial daily EMAs (20, 50, 100). BOME Price Chart Coming to the ongoing recovery, the higher high formation from the $0.0071 support breaks above all the crucial EMAs. Furthermore, the bull run breaks the overhead trendline of the descending triangle forming with the $0.0071 baseline. Currently, the meme coin forms a Doji candle at $0.01076, but the 21.50% jump over the last two days teases an uptrend continuation. The daily RSI line faces opposition near the overbought territory, resulting in a downtick. However, the reversal might indicate a retest for additional momentum. Moreover, the 20D and 50D EMA are on the verge of a bullish crossover. Bearish Megaphone Pattern in BOME Risks 25% Drop The higher high formation in the 4H chart with massive volatility forms a rising resistance trendline. However, the support trendline remains conservative and comparatively flatter, leading…
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