- Technical analyst Yoddha predicts a potential bullish rally for Book of Meme (BOME) due to chart patterns.
- BOME shows signs of recovery with the potential to break out of its current trend, targeting its all-time high.
In the cryptocurrency market, the attractiveness of the Book of Meme (BOME) token has faded, but popular technical analyst Yoddha sees tremendous potential for a bullish rally.
Despite recent dips, BOME has shown signs of recovery, trading at roughly $0.008231, up 2.69% over the last 24 hours after a downtrend over the previous few weeks. This performance has pushed BOME to the 11th largest meme coin by market cap, being surpassed by newcomers MEW and MOG Coin.
Potential Rally for BOME Indicated by Breakthrough and Support Patterns
Yoddha’s analysis, as shown in his charts, suggests a potential rally when BOME broke through a higher low, positioning itself to use this level as support and form an inverse Head and Shoulders pattern.
Are we going to send $BOME next? pic.twitter.com/qKCdN96Nr2
— Yoddha (@CryptoYoddha) July 24, 2024
The target of this bullish rally is its all-time high (ATH) of $0.02805. However, for this to happen, BOME must first break the falling wedge pattern. Failure to do so could cause the token to fall even further, resulting in lower lows.
Meanwhile, MEW, the token that has surpassed BOME in market cap, has gained popularity for its cat-themed token. Last week, CNF reported that MEW led the top gainers among the top 100 cryptocurrencies, indicating a strong interest in unusually themed tokens that differ from the traditional dog-themed competitors such as WIF, SHIB, and DOGE.
POPCAT is another cat-themed meme token that is gaining traction and investment. This Solana-based meme coin has increased by more than 230% in the last month and outperformed numerous dog-themed tokens too.
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