- BOME was up by over 5% in the last 24 hours.
Technical indicators looked bearish on the memecoin.
Last week’s stock market downturn sparked fear and pessimism among investors as most cryptocurrencies experienced significant losses. Amidst the chaos, some larger investors, or “whales,” took advantage of the situation by purchasing more of certain cryptocurrencies at lower prices. One such crypto was BOME, which is built on the Solana blockchain [SOL].
BOME initiates recovery
Over the past week, the value of BOME and many other cryptocurrencies plummeted, causing significant losses in market capitalization. As reported by CoinMarketCap, the price of BOME dipped by over 37%.
It’s intriguing that following the market downturn, large Solana investors, referred to as “whales,” took advantage of the situation by purchasing the memcoin. According to a recent tweet from Lookonchain, one such whale withdrew 15,751 SOL, equivalent to approximately $2.25 million, from Binance.
It then spent 4,623 SOL, worth $661K, to buy 67.53 million BOME at $0.0098.
Whales’ desire for BOME drove the company to begin its comeback when market conditions became favorable.
Over the past day, BOME‘s graph shifted to green as its price surged by more than 5%. Currently, it is being bought and sold for $0.00894, giving it a market value exceeding $493 million.
It was surprising to note that the recent hike in price did not affect market sentiments positively. AMBCrypto’s look at Santiment’s data revealed that the memecoin’s weighted sentiment remained low.
The prevailing opinion among traders regarding the token was pessimistic, with bears holding more influence. Additionally, the social media chatter around the token saw a significant decrease following its peak on April 12th, suggesting a decline in interest.
Will BOME showcase a full recovery?
After BOME‘s daily chart switched to green, AMBCrypto examined Hyblock Capital’s figures to determine if the memecoin could regain its losses during this new week.
Based on our assessment, the memecoin is predicted to experience significant selling pressure around the $0.010 mark. In order for the memecoin to recover from last week’s losses, it must surpass this level.
If a successful breakout happens, then BOME might as well reach $0.013 by the end of this week.
Unfortunately, market signals became negative for BOME. The Relative Strength Index (RSI), as an example, showed a small decrease.
The Chaikin Money Flow (CMF) indicator was below its neutral point as well, indicating that buying pressure for BOME may be waning. This sign, coupled with previous price action, suggested a possible bearish trend for the memecoin and made it unlikely for it to recover its lost market value in the near future.
Realistic or not, here’s BOME’s market cap in BTC terms
Despite a 15% decrease in value the previous week, similar to BOME, Solana displayed signs of improvement and its price rose by approximately 5%. At present, SOL was being traded at $148.84 and had a market capitalization exceeding $66.4 billion.
The encouraging development was that the sentiment analysis chart for the token became more positive, signaling growing investor trust in Solana.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Chainlink to $20, when? Why analysts are positive about LINK’s future
- Citi analysts upgrade Coinbase stock to ‘BUY’ after +30% rally projection
- Why iShares’ Bitcoin Trust stock surged 13% in 5 days, and what’s ahead
- Spot Solana ETF approvals – Closer than you think?
- Orca crypto price prediction: Buying opportunity ahead, or bull trap?
- Can Ethereum ETFs outperform Bitcoin ETFs – Yes or No?
- How Potential Biden Replacements Feel About Crypto Regulation
- Why Shiba Inu’s 482% burn rate surge wasn’t enough for SHIB’s price
2024-04-15 12:07