Book of Meme (BOME), the popular Solana-based meme coin, has recently retested its breakout level, signaling a potential upside rally. The on-chain metrics, including open interest and long/short ratio, are indicating a bullish trend for the meme coin.
Technical Analysis and Upcoming Levels:
CoinPedia’s technical analysis shows that BOME is currently in a bullish phase after breaking out from a falling wedge pattern. The coin surged significantly after breaking a key resistance level of $0.00085 before undergoing a correction phase. The recent retest of the breakout level has created a favorable trading opportunity for long-term and swing traders, with a promising risk-to-reward ratio of 1:4.5.
The current price momentum of BOME shows a trading price near $0.00096, with a minor increase of 1.05% in the last 24 hours. However, the trading volume has decreased by 50%, indicating a lower level of participation from traders and investors.
BOME’s Bullish On-Chain Metrics:
Coinglass, an on-chain analytics firm, reports a Long/Short ratio of 1.03 for BOME in a four-hour timeframe, reflecting a strong bullish sentiment among traders. Additionally, the open interest for BOME has surged by 9.62% in the past 24 hours and 6.3% in the last four hours, suggesting a growing interest from traders and investors following the successful retest and confirmation of the breakout.
Conclusion:
In conclusion, Book of Meme (BOME) is currently showing bullish signs with a successful retest of the breakout level and positive on-chain metrics supporting its upward momentum. Traders and investors may consider the promising risk-to-reward ratio and the overall bullish sentiment in the market while making investment decisions related to BOME.