The last few weeks have seen the meme coin market face an unprecedented surge. Although traditional mainstays of the market had increased, a plethora of newcomers had found rather impressive rallies. Although the asset has corrected in the past day, the meteoric rise of Book of Meme (BOME) is forecasted to reach a new all-time high (ATH).
BOME is a Solana-based meme coin that skyrocketed to success early on in its existence. In its first week, the token surged more than 1000%, becoming the talk of the market. Despite its recent performance, the asset has some predicted a return to gains at unprecedented levels once again.
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Book of Meme (BOME) May Not Be Done Rising
Alongside a greater digital asset market surge in March, meme coins had skyrocketed in value. More well-known assets like Shiba Inu (SHIB) And Dogecoin (DOGE) had performed well, but the market became seemingly infatuated with newcomers. Presales and market entry tokens like dogwifhat (WIF) and BONK had seen their value explode.
For BOME, the asset has been corrected over the last day. Specifically, according to CoinMarketCap, the asset is trading at $0.01135 and down more than 33% over the last 24 hours. Still, some analysts have predicted that Book of Meme (BOME) is still forecasted to reach a new ATH soon.
Amid its original rise, the asset reached a high mark of $0.03, enjoying a 100x increase for presale buyers. Subsequently, indicators note that a breakthrough above an important trendline could set the stage for bullish outlooks to form. Specifically, the asset will need to find crucial support at the $0.0146 level.
Also Read: Solana: Here’s Why Presales are Dominating SOL’s Ecosystem
If that were to take place, BOME could be prepared to increase to the $0.0328 level, with a potential rally to $0.387 a possibility. However, the question of when the increase could happen is a lot harder to pinpoint.
As previously stated, the asset has to find a way to retreat above the aforementioned support. Although that may be difficult, the meme coin market volatility means such an increase may be around the corner. Since this asset often depends on overall market sentiment, such an increase can happen in early April.
The entire market will be preparing for the arrival of the Bitcoin halving event. Currently slated to take place on April 20th, it could provide the spark that Book of Meme needs to return to its record-setting ways.