- 1 BOME Crypto surged impressively by 17% yesterday, indicating buyers’ comeback.
- 2 The weighted sentiment curve spiked into bullish territory, indicating an improved sentiment.
Due to their appeal and innovative features, meme coins are getting a lot of attention from investors. The increased investors’ enthusiasm towards these crypto assets helped them outperform blue-chip cryptocurrencies like Bitcoin and Ethereum.
Book Of Meme (BOME) is a renowned meme coin that started gaining traction in recent sessions. The crypto has surged over 13.6% a week and might add impressive returns to the investors’ portfolio if it succeeds in making a breakout.
Moreover, there has been a notable development in the weighted sentiment curve, further confirming a bullish scenario. When writing, the BOME crypto ranks 96th in the cryptoverse with a live market capitalization of $702.53 Million.
Weighted Sentiment Spikes into a Bullish Territory
The price action reveals the crypto is still in bearish territory below the 50-day exponential moving average. However, the weighted sentiment curve witnessed a notable shift into bullish territory after the price soared by nearly 17% yesterday.
As per the data obtained by the financial website app.santiment.net, there has been a rise in positive sentiment, which has caused the weighted sentiment curve to reclaim the bullish territory above the zero line. The improved sentiment might drive the BOME crypto price towards a positive side.
The weighted sentiment curve reflects the investors’ overall bias towards the BOME memecoin. A bullish weighted sentiment curve often reflects a positive change in the price.
Can BOME Mark an End to the Correction Phase?
Other meme tokens have delivered significant returns to their investors in the past three months. On the other hand, BOME has failed to provide the same as it has been in a correction phase since April.
However, the bulls are attempting in the recent sessions, which could mark the termination of a correction phase. The crypto has surged over 13% a week, indicating buyers’ comeback.
Moreover, the volume inflow has surged by 225.61%, indicating a substantial rise in the demand that could trigger a breakout. On the higher side, the BOME crypto may resume a bullish trend if it surpasses the 50-day EMA.
Is Bome Ready for a Bullish Reversal?
Book Of Meme (BOME) crypto has seen a 13.6% increase over the past week, sparking interest among investors. Despite trading below the 50-day Exponential Moving Average (EMA), a 17% price jump has shifted weighted sentiment to the bullish side.
Moreover, BOME crypto lagged behind other meme coins in the past quarter. However, the recent sessions suggest a potential end to its correction phase, with a 13% weekly surge and a 225.61% increase in volume inflow. A break above the 50-day EMA could confirm a bullish reversal.
Disclaimer
The views and opinions stated by the author or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
