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The open positions of the Solana-based popular memecoin project Book of Meme (BOME) fell to a four-month low of $39 million on July 7. Since then, BOME’s open positions have increased slightly, rising by 10% in the last three days. What can we expect for BOME in the upcoming period? We examine it with important data and chart analysis.
What’s Happening with BOME?
The increase in BOME’s open positions after falling to the lowest level of the year at the beginning of the year is due to the rise in the price of the meme coin since then. As of the time of writing, BOME is trading at $0.0078, up 8% since July 7. The increase in the token’s open positions along with rising prices indicates an increase in futures market activities.
When an asset’s open position increases along with its price, this usually confirms the strength and continuation of the bullish trend. Interestingly, despite the increase in BOME’s price over the past three days, more long liquidations have been recorded than short liquidations.
Liquidations in the futures market occur when the value of an asset moves against the position held by an investor. When this happens, the investor’s position is forcibly closed due to insufficient funds to maintain it.
When trading in the futures market, investors need to maintain a minimum account balance compared to the loan amount. Even if the price drops momentarily during an overall uptrend, this can trigger a margin call and force the investor to sell some of their assets to meet the minimum balance requirement.
BOME Chart Analysis
The evaluation of the Moving Average Convergence Divergence (MACD) on the one-day chart for BOME reveals a potential bullish crossover. The indicator measures an asset’s price trends and momentum and identifies potential buying and selling opportunities.
A bullish trend occurs when the MACD line crosses above the signal line. This crossover indicates that the shorter moving average is gaining over the longer one, suggesting an upward shift in momentum. In the case of BOME, this is about to happen. If the crossover is successful, the price of the memecoin could rise to $0.0081, but if it is a false signal, the token price could fall to $0.0077.
