BOME Trading Below Resistance, Signals Bearish Outlook

• Alan Santana’s analysis shows BOME has turned bearish as it trades below key resistance levels, previously acting as support.
• BOME’s recent breakout from a Falling Wedge contrasts with its current bearish trend, signaling mixed market sentiment.

The crypto market can be unexpected, as a recent analysis shows for Book of Meme (BOME). Popular crypto analyst Alan Santana on TradingView claims that BOME has moved from trading above important support levels to breaking below them, therefore indicating a verified bearish trend.

Originally strong when BOME peaked in October, these support levels—formed by the highs recorded in August and September—held solid. But this support became opposition as the value of the token started to fall, which exacerbated the negative effects.

BOME: Key Resistance Levels and Potential Downtrend 

Santana’s analysis emphasizes the significance of these now-resistance levels—shown on the chart by purple lines. “Book of Meme below resistance = crash,” he says unequivocally. The implication is that the token might keep spiraling down until BOME finds a means of breaking over these resistance levels.

Source: Alan Santana on TradingView

Orange rectangles on the chart indicate potential future support levels and suggest that, should selling pressure persist, the token could decline even further.

Meanwhile, BOME is swapped hands at about $0.007791 as of the time of writing. Over the last seven days, it has dropped 8.66%, and over the last 24 hours, it has dropped 2.11%. These numbers highlight the difficulties the meme coin has negotiating market circumstances that seem to support the bears.

Against this gloomy assessment, a prior CNF report highlighted a more hopeful picture from another analyst. This analyst noted that BOME had lately broken out in a Falling Wedge pattern, generally seen as a bullish signal.

Furthermore, supporting the possibility of a rally was the development of an inverse Head and Shoulders pattern. Though subsequent market moves and the verified breach below support levels tell a different picture, these positive signals had first indicated that BOME would have an increasing momentum.