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What’s Next for BOOK OF MEME (BOME) Price?

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BOOK OF MEME (BOME) price is observed as macro bullishness, but it is facing bearishness on the micro-scale.

Combined with the declining correlation it shares with Bitcoin, the meme coin might witness a halt in the rise.

BOOK of MEME Investors Are Still Optimistic

BOME price could enjoy the benefit it is gaining from the investors since they are still hoping for a rally. This is evident in the asset’s funding rate, which has been consistently positive for weeks now.

The funding rate is a periodic payment exchanged between traders in a futures contract to keep the contract price in line with the spot price. It reflects the difference between the perpetual contract’s price and the underlying asset’s price, incentivizing traders to maintain price equilibrium.

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A positive funding rate signifies the dominance of long contracts in the market. Negative rates, on the other hand, suggest that short contracts are much more dominant. In the case of BOME, the former counters the bearishness of the broader market.

BOME Funding Rate. Source: Coinglass

This bearishness arises from the declining correlation between BOME and the biggest crypto asset in the world, Bitcoin. BTC has had a good run the last couple of days, crossing $70,000 over the past 48 hours.

Read More: How to Buy Book Of Meme (BOME) And Everything Else To Know

BOME correlation with Bitcoin. Source: TradingView

Thus, breaking away from Bitcoin would mean that the meme coin may not follow the path set by BTC. This may negatively impact BOME’s price since Bitcoin is on the rise right now.

BOME Price Prediction: Consolidation Ahead

BOME price trading at $0.013 is noting mixed signals arising from investors and the market. This would result in consolidation for the altcoin, keeping it hovering between $0.014 and $0.012.

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

Read More: Book of Meme (BOME) Price Prediction 2024/2025/2030

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BOME Price Analysis. Source: TradingView

However, if the support of $0.012 is lost, the BOME price could slip to $0.011. If the meme coin falls below this support level, too, the neutral-bullish thesis will be invalidated.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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