Will the price drop to 2 cents in April?
The price of Book of Meme (BOME) ended March 2024 at $0.15, experiencing significant gains of over 2,265%. Recent trends on social media suggest that the bullish action could continue into April.
The Solana memecoin ecosystem, particularly Dogwifhat (WIF) and BONK, has been performing well since the beginning of the year. However, BOME, which was launched on March 14, has been leading the rally in recent weeks.
Despite a period of consolidation between $0.1 and $0.15 since March 19, while WIF and BONK reached new peaks, current media trends indicate that BOME may be at a turning point.
Santiment’s weighted sentiment metric, which compares the ratio of negative mentions to positive mentions about a project, shows that the sentiment surrounding BOME has turned negative. This could present an opportunity for strategic traders who missed out on the rally in March 2024 to enter the market when the hype has cooled off.
If new capital flows into BOME, it could trigger another breakout in April.
Despite the relatively flat price action, market liquidity and investor interest in BOME have remained steady. The Trading Volume to Market Cap (TVMC) ratio, which assesses the liquidity and trading activity of a crypto asset, indicates that BOME is undervalued. The trading volume consistently exceeds the market cap by approximately 30%.
This sets the stage for positive price action in the near term, as the high TVMC ratio and strong trading volume suggest strong liquidity and active investor interest in BOME.
Overall, the low media hype and high TVMC ratio create an opportunity for BOME to attract fresh capital and potentially rally towards the next milestone price of $0.02.
At the time of writing on April 1, BOME is trading just above $0.015. The low media hype and 130% TVMC ratio provide an opportunity for BOME to attract new capital and potentially rally towards $0.02 in the coming days.
However, the $0.18 level poses significant resistance, as many BOME investors sold off their holdings around that price. If BOME can break through this level, a decisive breakout above $0.02 could occur.
On the downside, if the critical support level of $0.10 is breached, BOME could enter a prolonged downtrend. However, given the strong market liquidity and positive sentiment in the broader Solana memecoin ecosystem, this scenario seems unlikely.
Overall, BOME is poised for potential growth in the near term, with the opportunity to attract fresh capital and continue its rally.
