Main menu


BOME Coin Faces Bullish Scenario After Bitcoin Decoupling

BOOK OF MEME (BOME) price is observed to be bullish on the macro level, but is facing a downtrend at the micro level. Coupled with a decline in the correlation it shares with Bitcoin, the meme coin could experience a pause in its rise.

Mimi Coin Investors Remain Optimistic

can enjoy BOME price With the interest it earns from investors because they still hope for an increase. This is reflected in the asset funding rate, which has been consistently positive for weeks.

A funding rate is a periodic payment exchanged between traders under a futures contract to keep the contract price in line with the spot price. It reflects the difference between the price of the perpetual contract and the price of the underlying asset, which motivates traders to maintain price equilibrium.

A positive funding ratio indicates the dominance of long contracts in the market. In contrast, negative rates indicate that short contracts are more dominant. In the case of BOME, the former is resisting the decline of the broader market.

BOME financing rate.
BOME financing rate. Source: Quinglass

This decline stems from a decline in the correlation between Boom and the world's largest crypto asset, Bitcoin. BTC has performed well over the past two days, surpassing $70,000 in the past 48 hours.

👈Read more: Memes in 2024: Will they make crazy gains?

BOME correlation with Bitcoin.
BOME correlation with Bitcoin. Source: Commercial view

So, a breakup with Bitcoin means that the meme coin may not follow the path set by BTC. This could negatively impact the BOME price given that Bitcoin is currently rising.

BOME price forecast: consolidation ahead

BOME price trading at $0.013 indicates mixed signals from investors and the market. This will consolidate the altcoin, causing it to hover between $0.014 and $0.012.

This range has been tested many times as support and resistance in the past, and the same could be repeated. If the ascending channel remains intact, this consolidation could lead to a breakout, sending BOME above $0.016.

👈Read more: 4 best meme currencies in 2024 to invest

BOME price analysis.
Boom price analysis. Source: Commercial view

However, if it loses the $0.012 support, it could move lower. BOME price At $0.011. If MIM also falls below this support level, it would invalidate the neutral bullish thesis.

The Best Crypto Platform in the UAE

Of confidence


All information published on our website is offered in good faith and for general information purposes only. Therefore, any action, behavior or decision taken by the reader in accordance with this information is solely the responsibility of itself and its affiliates individually, and the site assumes no legal responsibility for such decisions.

الأسواق,العملات الرقمية,العملات المشفرة,عملات الميم