For the first time since July, the price of #bookofmeme (BOME) has reached $0.011. This increase comes after the Solana-based meme coin surged by 62% over the past seven days.

But that's not all. The recent rally in BOME has shown no signs of slowing down, and key indicators suggest this could be the beginning of a much larger breakout.

Book of Meme Sees Record Speculative Activity

BOME is making headlines not only for its price but also for its soaring open interest (OI). According to Santiment, BOME’s OI has hit a new all-time high of $161.97 million. This spike in OI, a key indicator of speculative activity in the derivatives market, coincides with the impressive price growth, signaling growing investor interest in the meme coin.

Simply put, open interest (OI) represents the total value of all active contracts in the market. When OI increases, it means traders are gaining exposure to the cryptocurrency, providing more liquidity to the contracts. Conversely, a decline in OI signals that positions are being closed and capital is leaving the market.

In the case of Book of Meme, traders have opened more contracts, indicating rising buying pressure in the derivatives market, which is fueling the impressive price dynamics of BOME. Alongside OI, the volume of BOME has also increased, with the current trading volume standing at $659.06 million, the highest since May 23.

The rising price and volume indicate growing interest and liquidity, which often leads to further price appreciation.

BOME Price Increases by 20% in the Last 24 Hours

Currently, the price of BOME has risen by 20% in the last 24 hours. If this upward momentum continues along with increasing volume, the price of the meme coin could potentially surpass $0.11 in the near future.

BOME Price Prediction: Further Gains on the Horizon?

Looking at the BOME/USD chart, the meme coin has finally broken out of the descending triangle pattern it formed in June. This technical pattern, which typically signals a continued downtrend, was broken, suggesting a shift in market sentiment and the potential for further price growth for BOME.

When a price breaks below the support line of a descending triangle, the trend is typically bearish, indicating a possible extended downtrend. However, in the case of BOME, the price moved above the support line, indicating a possible bullish reversal, with the token’s value poised to climb higher.

Another significant technical indicator is the exponential moving average (EMA), used to measure the trend of a cryptocurrency. Notably, the 20-day EMA (blue) crossed above the 50-day EMA (yellow) for the first time since May, which could indicate a growing bullish momentum for BOME. This formation, known as a "golden cross," is typically a bullish signal. If this continues, BOME's price is likely to break the resistance at $0.013. In this scenario, the meme coin could rise to $0.015 or $0.017.

Caution Is Advised

However, traders should keep a close eye on the meme coin. If Book of Meme fails to maintain its current momentum or profit-taking increases, this prediction could become invalid. In that case, BOME could drop to $0.0079.

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