Book of Meme (BOME) Offers a 1:4.5 R/R, Time to Go Long?

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The popular Solana-based meme coin, Book of Meme (BOME) has successfully retested its breakout level and is now poised for a notable upside rally. With this, the meme coin appears bullish and further gets support from on-chain metrics such as open interest, long/short ratio, and others.

Book of Meme (BOME) Technical Analysis and Upcoming Levels 

According to CoinPedia’s technical analysis, BOME appears bullish as it previously broke out from a falling wedge price action pattern. Following this breakout, the meme coin rallied significantly, and during that rally, it broke a resistance level of $0.00085, before going into correction.

Source: Trading View

BOME 1:4.5 Risk-To-Reward Ratio

However, with the recent price surge, it appears that BOME has successfully retested the horizontal breakout level, confirming it as a successful breakout. This retest has created a perfect trading opportunity for long-term or swing traders with a 1:4.5 risk-to-reward ratio.

In this setup, traders will liquidate their positions, if BOME’s price drops by 20% and breaches the $0.00076 level. On the other hand, it offers a return of 90%, which could be a great opportunity for long-term traders. However, this target will not be easy for traders to achieve, as it requires lots of patience.

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Additionally, the meme coin is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating BOME in an uptrend.

BOME’s Bullish On-Chain Metrics 

The on-chain metrics further support this BOME’s positive outlook. According to the on-chain analytics firm Coinglass, BOME’s Long/Short ratio had a value of 1.03 at press time in a four-hour time frame. This value suggests a strong bullish sentiment among traders.

Additionally, BOME’s open interest (OI) has jumped by 9.62% over the past 24 hours and 6.3% over the past four hours. This rising OI suggests growing interest from traders and investors, likely due to the successful retest and confirmation of the recent breakout.

Source: Coinglass

Current Price Momentum 

At press time, BOME is trading near $0.00096 and has experienced a modest price surge of 1.05% in the past 24 hours. During the same period, its trading volume declined by 50%, indicating reduced participation from traders and investors compared to previous days.



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