NewsletterBook of Meme Price Eyes 22% Gain After Healthy Market Correction
Highlights
- According to data from Coinmarketcap, the combined market capitalization of the top meme tokens is currently $62.1 billion, marking an intraday increase of 0.9%.
- An ascending trendline offers BOME price with suitable footholds to accumulate at market dips.
- The 24-hour trading volume in the BOOK OF MEME is $433 Million, indicating a 33% gain.
With the Bitcoin price holding its ground above $69000, the broader market remains positive despite the current uncertainty. Along with most of the major altcoins, the BOME price showcased a healthy retracement as per the Fibonacci retracement level. As the Solana-based memes rebounded from the 38.2% FIB, the price jumped 1.4% to currently trade at $0.013. Will the Book of Meme price surpass $0.02 in June?
Also Read: 5 Solana Meme Coins to Buy to Grow $5,000 into $500,000 This Year
Key FIB Level Support Holds as Buyers Prepare for Rally
Amid the broader market consolidation, the BOME price reverted from the new high of $0.016 last week. The bearish turnaround plunged the asset by 20% to hit a low of $0.0127.
However, with the Bitcoin price holding its position above $69000, most of the top altcoins prevented a major correction. Moreover, the 38.2% FIB level provides buyers with strong support evidenced by the long-tail rejection candles in the BOOK OF MEME.
With the sideways action intact, this meme coin price is poised to hit an ascending support trendline intact since April’s second week. The dynamic support is displaying the current recovery momentum and indicates the buyers continue to accumulate this asset at market dips.
This support could renew the exhausted demand pressure and bolster buyers to rechallenge the $0.016 high.
With sustained buying, the BOOK OF MEME price could target a potential target of $0.0186, followed by $0.0248
On a contrary note, if the sellers break the rising trendline, the bullish thesis will get invalidated and this Frog-themed memecoin may enter a prolonged correction.
Technical Indicator
- Relative Strength Index: The daily RSI slope wavering above 50% midline indicates a neutral to bullish market sentiment.
- Pivot Levels: The pivot level indicators accentuate potential support at $0.0125, followed by $0.09.
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