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BOME Forms Double Bottom as Breakout Toward $0.015978 Nears
In a sudden and dramatic turn of events, the price of BOME (BOME) has been steadily bouncing from strong support, forming a double bottom pattern that is eerily reminiscent of a potential reversal in its prolonged downtrend.
As it stands now, the asset currently trades at $0.002128, sitting comfortably within the lower boundary of a descending channel – a critical accumulation zone for mid-to-long-term investors. With this technical setup, the stage is set for buyers to step in and fuel a rapid recovery that could lead to a multi-fold price increase.
The double-rounded bottom formation, a classic bullish pattern suggesting lower levels of accumulation, serves as concrete evidence that the market is shifting its sentiment towards a potential reversal. The cryptocurrency has been trapped in a descending channel for several months, with the price action consistently forming lower highs and lower lows. However, the recent price structure indicates a shift in momentum, as BOME bounces from key support near the lower trendline.
A breakout above this resistance could validate the bullish trajectory, driving the token towards higher price targets. In fact, if volume increases and buying pressure sustains, BOME could experience a rapid climb toward $0.015978, marking an impressive gain from current levels.
In the event of this potential reversal, early profit-taking may occur at the first target level of $0.010479, aligning with a minor resistance zone. A continuation of buying pressure could propel the price to $0.013430, a key resistance level that marks the midpoint of the previous decline.
Source: https://cryptonewsland.com/bome-forms-double-bottom-as-breakout-toward-0-015978-nears/
