The popular Solana-based meme coin, Book of Meme (BOME), has retested its breakout level and is now set for a notable upside rally. This development puts BOME in a bullish position and gains further support from on-chain metrics such as open interest, long/short ratio, and more. According to CoinPedia’s technical analysis, TREES appears bullish as it previously broke out from a falling wedge price action pattern. Following the breakout, the meme coin rallied significantly, breaking a resistance level of $0.00085 before going into correction. Now that BOME has successfully retested the horizontal breakout level with a 1:4.5 risk-to-reward ratio, long-term or swing traders have an excellent opportunity to trade this asset. If BOME’s price drops by 20% and breaches the $0.00076 level, traders will liquidate their positions; however, it offers a return of 90% for long-term traders but requires patience to achieve this target. Additionally, BOME is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend for the meme coin. The on-chain metrics also support BOME’s positive outlook; according to CoinglassBOME’s Long/Short ratio had a value of 1.03 at press time in a four-hour time frame suggesting strong bullish sentiment among traders. Moreover, BOME’s open interest (OI) has jumped by 9.62% over the past 24 hours and 6.3% over the past four hours suggesting growing interest from traders and investors due to successful retesting and confirmation of recent breakouts.
Summary: Book of Meme (BOME) has retested its breakout level creating opportunities for long-term or swing traders with favorable risk ratios supporting its bullish outlook.
Key Facts: – On chain metrics confirm positive sentiment – Open Interest & Long/Short Ratio indicate strong market participation
