Many BOME coin price predictions in March showed that it would probably be in the two-decimal point mark today. However, the price of BOME, the Solana-based meme coin, continued to decline on Monday, trading at $0.0095 at the time of writing after shedding 2.2 percent of its value.
The token’s downward movement has extended to the fourth consecutive day, underlining a bearishness that has crept into a token that registered triple-digit growth within 24 hours just about a month ago. BOME has lost 14.7 percent of its value in the last four days, creating a bearish momentum that could put more investors in losing positions.
Known in full as the Book of Meme, BOME has run out of steam in the last two weeks, most probably due to a lack of sustainable momentum since its successful “send to wallet” funds raise strategy. The strategy made it simple and easier for investors to contribute to the project, drawing a significant following in the run-up to the Bitcoin halving event.
The timing of the token’s launch on centralised exchanges probably tells us that the project team and most initial investors probably anticipated a spike after the halving. However, ten days after the halving, the crypto market remains muted, and a significant number of investors have been taking profits.
The dependence on a signal from Bitcoin is unlikely to bear fruit, as the crypto market bellwether has been on a steady downtrend since April 1 and has lost 1.15 per cent of its value in the last week. Furthermore, BOME has experienced a significant decline in trading over the last 24 hours, with the trading volume down by 14.7 per cent as of this writing. Furthermore, the current BOME price is 67% below its all-time high of 0.0290 recorded on March 16.
Technical analysis
The sellers are currently in control of the BOME price is action, and the pivot is at 0.00964. If resistance persists at that mark, the sellers could build the momentum to break the support at 0.00946 and potentially test 0.00931 in extension. Alternatively, if the price moves above 0.00964, the buyers will be favoured to take control. However, they will encounter resistance at 0.00979. That mark could, however, be broken if the buyers maintain control, which would invalidate the downside narrative. Furthermore, an extension of the control could push BONE to test 0.00989.
