The crypto market sentiments appear to have flipped in favour of the bulls the traders have displayed some confidence. Besides, the volume remains restricted below $100 billion, which suggests a large chunk of them remain uncertain of the upcoming trend. Meanwhile, the memecoins have gained significant attention, mostly the newly launched ones. However, these tokens like BOOK OF MEME (BOME), which propelled heavily, are facing massive sell-offs while the top ones like Shiba Inu (SHIB) followed a consolidated upswing.
What’s next? Will BOME revamp a strong ascending trend or will the focus shift back to top memecoins like DOGE or SHIB?
The BOME price displayed a magnificent run in the past trading day, recording over 30% gains and over 80% from the monthly lows. With this, the bearish activity has intensified, which has been absent since the recovery. However, it can be considered a small correction as the BOME price is poised to breach above the pivotal resistance between $0.0111 and $0.0115.
The breakout from the pattern has elevated the levels towards the crucial resistance zone. Even though a breakout could not materialize, the technicals point towards a bullish continuation. The RSI has entered the overbought zone for the first time ever with a significant rise in the volume. As the bullish pressure has mounted, the price is believed to maintain a healthy ascending trend.
Moreover, the BOME price faced a similar upward pressure while piercing above the first resistance zone around $0.008 and therefore, the price is believed to rise above the range very soon. Besides, the SHIB price has been ranging high but slowly yet steadily, reducing the bearish attention flowing onto the crypto.
The long-term price action of SHIB suggests the memecoin is heading to the edge of the consolidation. Besides, the Bollinger bands have begun to compress, suggesting the price may soon reach the upper resistance, which could offer an opportunity for a breakout. However, a rise to the resistance zone around $0.00003 may elevate the levels above the consolidation zone. This move may also attract the required liquidity as the MACD shows a rise in the buying pressure.
Once these levels rise within the positive range, the Shiba Inu (SHIB) price is believed to revive a strong ascenig trend, marking new yearly highs and a new ATH very soon.
