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.
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.
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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.
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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.
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