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Book of Meme (BOME), which made a significant impact in March, continues to rise despite the overall market stagnation. Last week, the general cryptocurrency market appreciated by 9% due to increased trading activities. This rise positively affected BOME, resulting in over a 14% increase in the meme coin. So, what is happening with BOME now?
Will BOME Rise?
BOME did not remain indifferent to the rise in the cryptocurrency market and completed last week with a successful price performance. The Alligator indicator in the graph below revealed important data. This indicator is known for identifying potential price reversal points. It is represented by three different lines known as the Jaw (blue line), Teeth (red line), and Lips (green line) of the Alligator.
On Thursday, the analysis of BOME using the Alligator indicator showed that the green line moved above the red line and then headed towards the blue line.
These graph movements may indicate the foundation of an upward trend. This could suggest that BOME’s price movement is faster compared to the mid-term trend. If the green line moves towards and beyond the blue line, it could potentially indicate an increase in upward momentum.
Investors have previously seen such transitions as an opportunity for a long position. If the green line rises above the blue line and the three lines diverge, the price may have the potential to rise further.
What Will BOME’s Price Be?
If the current upward trend in BOME continues, investors might see the price exceed $0.01. In early June, BOME was last traded above this level.
However, a potential decline due to general market conditions or BOME’s situation could allow bears to take control, pushing the price down to its all-time low of $0.0063.
