The crypto market leader, Bitcoin price, continues hovering close to the $62,500 mark, resulting in top memecoins such as Dogecoin, Shiba Inu, and PEPE recording a notable correction in their respective portfolios since the start of this week.
On the other hand, the network congestion on the Solana Network has turned out to be a major issue for its blockchain, resulting in the Solana-based memecoins having the highest impact with the BOME price recording a correction of approximately 10% within the past day.
Moreover, the Book Of Meme price has faced repeated rejection at its resistance level of $0.0123, indicating a strong liquidation for this memecoin at that point.
The Cross EMA 50/200-day records a strong bearish price sentiment in the 1D time frame with the EMA 50-day displaying a bearish convergence, highlighting a negative outlook for this memecoin this week.
The technical indicator, RSI, shows a significant decline in the chart, highlighting an increase in the selling-over-buying pressure in the crypto space. Furthermore, the average shows a bearish curve, indicating a negative price action for the BOME price in the coming time.
Will BOME Price Go Up?
If the market experiences a bullish reversal, the BOME price will retest its resistance level of $0.011060 this week. Moreover, if the bulls hold the price at that point, the memecoin will prepare to test its upper resistance level of $0.0123 during the upcoming week.
Negatively, if the bears continue to overpower the bulls, the price will trade under a bearish influence and test its support level of $0.0099. Furthermore, if the market sentiment continues to be bearish, this memecoin will plunge toward its lower support level of $0.0086 this month.