Book of Meme Price Eyes 22% Gain After Healthy Market Correction

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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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.