The Book of Meme price is trading at $0.01256 as of 4:00 am EST, up 5.5% over the last 24 hours. The memecoin is trading in a bullish chart pattern, suggesting a massive breakout on the upside.
BOME bulls eye 30% gains to $0.01736
After launching on Binance on March 16, the Book of Meme coin rose 307% to its all-time high of $0.03066. Profit-taking from holders saw the price tumble 72% from this level to set a swing low at $0.00847 on March 19.
Since then, the price has displayed sideways price movement, leading to the appearance of an ascending triangle on the hourly chart, as shown below.
An ascending triangle is a significantly bullish chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the relatively equal swing highs and a rising trendline to be drawn along the higher lows. The two lines form a triangle.
The chart pattern is confirmed when the price breaks above the triangle’s resistance line, leading to a breakout on the upside. The target is determined by calculating the distance between the thickest points of the triangle and adding it to the point of breakout.
At the time of writing, BOME’s price was fighting resistance from the triangle’s horizontal line at $0.01302. An hourly close above this level would confirm an upward breakout from the governing chart pattern.
If this happens, the price of the memecoin could rise from the current levels first toward the psychological level at $0.0150 before reaching the technical target of the ascending triangle at $0.01736. This would bring the total gains to 38%.
BOME/USD one-hour chart. Source: TradingView
Apart from the bullish chart pattern, BOME’s bullish narrative was supported by the rising RSI. The price strength at 64 suggested that the market conditions still favored the upside.
On the downside, an hourly close below the triangle’s hypotenuse at $0.012 would spell doom for the token, with $0.0105 providing the first line of defense. Additional support lines would emerge from the $0.01 and $0.009 psychological levels.