As a seasoned cryptocurrency analyst with over a decade of experience in market analysis and trend identification, I have witnessed firsthand the dynamic nature of the crypto market and its penchant for surprise rallies and corrections. In the case of meme coins like BOOK OF MEME, their popularity and influence among investors are undeniable.
On Saturdays, the crypto market exhibited a minor surge, with Bitcoin experiencing a nearly 1% increase. In contrast, momentum in meme cryptocurrencies continued to build up, spearheaded by Dogecoin (DOGE) which soared by more than 7%. Additionally, Dogewhifhat (WIF) and Shiba Inu (SHIB) prices experienced a rise of around 3-4%. During this uptrend, the Book of Meme token’s price broke through a significant resistance level and recaptured essential daily Exponential Moving Averages (EMAs), paving the way for potential further gains.
Bullish Pattern Sets BOOK OF MEME Price Rally Beyond $0.015
As a crypto investor, I’ve witnessed an impressive bounce-back from the meme coin BOOK OF MEMS, which is built on the Solana blockchain, over the past two weeks. The price of BOOK OF MEME recovered from its support at $0.0063 and soared by 47%, reaching a new high of $0.00935. This surge in value has significantly increased the coin’s market capitalization to an impressive $645 million.
In the 4-hour chart, the recovery exhibited a bullish formation known as an ascending triangle. This pattern indicated that the ongoing correction might have reached its bottom. During this setup, the coin’s price reversed the roles of the daily moving averages (20 and 50) into potential support levels, hinting at a shift in market sentiment towards optimism.
In Q2 2024, based on information from CoinGecko, meme coins held a substantial 14.34% stake in the cryptocurrency market’s limelight. Outpacing other crypto categories, they became the preferred topic of discussion, highlighting their enduring allure and impact on investors.
In Q2 2024, meme coins, real-world assets (RWA), and artificial intelligence (AI) sectors collectively controlled approximately 36% of the cryptocurrency market share, according to CoinGecko’s analysis of web traffic data. The previous quarter, Q1 2024, showed a similar trend, suggesting that there is continuing investor enthusiasm for these categories.
On July 15th, the price of Book of Memes gave a strong upward push beyond its support level of $0.0081, boosting the bullish trend. If buying pressure persists, the Book of Memes coin might surge by around 15% before encountering resistance at the upper limit of its descending triangle formation.
Using two trendlines as flexible guides for resistance and support, this chart pattern influences the ongoing correction in this asset’s price. The encouraging intersection of the MACD (represented by the blue line) above its signal line (orange) suggests that buyers hold the upper hand in the present market dynamics, potentially leading to a breakthrough of resistance.
A significant retest of the overhead trendline for Book of Meme is approaching, which could mark a turning point in its price action. If the trendline is breached during this retest, it would indicate that the correction has come to an end. Afterward, we can expect a surge toward $0.016, followed by a new high at $0.018.
If the downward pressure on the supply side continues, the Book of Meme token could correct again.
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2024-07-20 23:29