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The popular Solana-based memecoin project Book of Meme (BOME), has been consolidating within a narrow trading range since April 9. At the time of writing, the memecoin was trading at $0.0084, ready to fall below its critical support level. BOME encountered resistance at $0.014 and found support at $0.008.
What is Happening with BOME?
The last time the popular memecoin project traded below this support level was on June 24, closing at $0.0072. Due to the increasing bearish trend against BOME, bulls may not be able to defend this critical support level. The token’s DMI data confirms this. As of the time of writing, BOME’s negative directional index (red) at 24.77 is above the positive directional index (blue) at 15.19.
An asset’s DMI data measures the strength and direction of price trends. When set up this way, it means the asset is experiencing a stronger downtrend rather than upward pressure. This is a bearish signal indicating that sellers are more dominant than buyers. It is often interpreted as a sign to exit long positions and move to short positions.
Additionally, the decline in the Price Volume Trend (PVT) data on the BOME front confirms the current bearish trend for the memecoin project. An asset’s PVT data is also a momentum-based indicator that measures price trends. If it is falling, it indicates increasing selling pressure and a bearish trend. BOME’s PVT data started its latest decline on June 27 and has been in a downtrend since then. At the time of writing, the indicator’s value was recorded at -13.57 billion.
Important Details for BOME
BOME investors are currently voicing their criticisms about the asset on social media platforms. This development is based on readings from the weighted sentiment, which was -0.53 at the time of writing. The data measures the overall market sentiment towards an asset. It tracks the emotions and volume of social media discussions following the asset.
When the value is below zero, most social media discussions about the asset stem from negative emotions such as fear, uncertainty, and doubt. This is a known precursor to a continued price decline. If this trend continues, the BOME price could fall to the $0.008 support and even trade below it. However, if the memecoin sees a shift from bearish to bullish sentiment in the market, this prediction will be invalid. This could raise its value to $0.009.
