The price of Book of Meme (BOME) has crashed to a one-month low
Cryptocurrency Book of Meme (BOME) made a significant correction, pushing the asset to its lowest level in more than a month.
BOME is currently trading at $0.0097, a level not seen since early May.
Market downturns and investor behavior
The price of BOME has fallen by 29% in the last week, making it one of the worst performing meme tokens for the period.
Open interest prices on BOME futures reached $76.16 million, representing a nearly 40% decline. This could mean that investors are exiting the market.
In addition, the decline in prices liquidated many longs, especially on June 7, when liquidation reached its highest level since April.
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Among the main indicators, the low demand for BOME is evident. The Relative Strength Index (RSI) is 34.31 and shows that the biggest demand is not for buying, but for selling.
An RSI below 30 means the asset is oversold, signaling a trend reversal, while an RSI above 70 means the asset is overbought. The current RSI suggests that investors are willing to sell to avoid losses.
If the downtrend continues, BOME price is expected to fall to $0.007. On the other hand, if the buying demand increases, the price can jump to $0.01.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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