BOOK OF MEME Price Recovery to Extend 20% Before Facing Major Resistance
Highlights
- The mid-term in the BOOK OF MEME coin remains bearish under the influence of the falling wedge pattern.
- The potential positive crossover between 20D and 50D EMA could intensify the bullish momentum of the ongoing recovery.
- The 24-hour trading volume in BOOK OF MEME is $138.5 Million, indicating a 24% loss.
On Saturday, the crypto market showed a slight uptick with Bitcoin recording q nearly 1% Jump. However, the recovery momentum in Meme cryptocurrencies stayed active led by Dogecoin (DOGE) with a 7%+ jump, while Dogwifhat (WIF), and Shiba Inu (SHIB) prices showcased a 3-4% rise. Amid the rally, the BOOK OF MEME Price breached a key price resistance and reclaimed crucial daily EMAs to bolster further rallies.
Bullish Pattern Sets BOOK OF MEME Price Rally Beyond $0.015
The Solana-based meme coin BOOK OF MEME has showcased a remarkable recovery in the past two weeks. The BOOK OF MEME price rebounded from $0.0063 support and surged 47% to trade at $0.00935 consecutively, the market cap jumped to $645 million.
The recovery developed a bullish pattern called an ascending triangle in the 4-hour chart. This chart setup gave a better signal that the prevailing correction has bottomed. Amid the pattern formation, the coin price flipped the daily EMAs (20 and 50) into potential support and signaled a change in market sentiment.
According to recent data from CoinGecko, meme coins emerged as the most popular narrative in the cryptocurrency market during Q2 2024. Capturing a significant 14.34% share of market attention, meme coins led the way among various crypto categories, reflecting their continued appeal and influence among investors.
CoinGecko’s analysis of web traffic data highlights that meme coins, along with real-world assets (RWA) and artificial intelligence (AI), collectively accounted for 35.7% of the market share in Q2 2024. This trend mirrors the market dynamics observed in Q1 2024, indicating sustained interest in these categories.
On July 15th, the BOOK OF MEME price gave a bullish breakout of $0.0081 neckline accelerating the bullish momentum. With sustained buying, the BOOK OF MEME coin could rise 15% before challenging the upper boundary of the falling wedge pattern.
With two trendlines acting as dynamic resistance and support, this chart pattern drives the current correction trend in this asset. A positive crossover state between the MACD (Blue) and signal (orange) line hints buyers are dominating the current price movement increasing the possibility for a resistance breakout.
The potential retest to the overhead trendline will be a pivotal moment for BOOK OF MEME as the breakout will signal the end of correction. The post-breakout rally will push to $0.016, followed by a $0.018 high.
However, if the supply pressure at the downsloping trendline persists, the BOOK OF MEME coin may enter another correction.
Frequently Asked Questions (FAQs)
1. What is a double bottom pattern?
2. What are meme coins?
3. What is a falling wedge pattern?
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