The market has seen a significant increase in trading volume for BOME, reaching over $800 million, aligning with the coin's market cap. The number of holders is also rising, indicating a growing interest in memes. The price of BOME has broken out strongly from horizontal resistance in higher time frames, and is consolidating above the resistance level, suggesting a potential 80% to 90% rally as volume continues to rise.
Initially facing pressure from bears, the token has gone through a period of consolidation, typically leading to substantial price movements. A breakout occurred when the price moved above a symmetrical triangle after consolidation for over a month.
The price has been trading within a predetermined range and approached the triangle's apex. The increase in buying volume helped the rally break out and test the initial resistance at $0.012. Although bears are currently putting pressure, it may weaken if their strength diminishes. The RSI is within an ascending channel and approaching the upper band, signaling a potential minor pullback before a new bullish trend begins.
The price of BOME is expected to retrace to the triangle's former resistance, now acting as support, before initiating a new bullish movement towards higher resistance at $0.014. Breaking above these levels may provide a strong foundation for further upward movement towards targets near $0.02, as these levels have previously been strong resistance zones.
