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The Book of Meme price plunged over 15% in the last 24 hours to trade at $0.009274 as of 11:28 p.m. EST as investors offload their holdings in the meme coin.
Despite the steep drop, the BOME price is still up more than 43% over the last 7 days.
The Book Of Meme Price Loses A Technical Support
4-hour chart for BOME/USD (Source: GeckoTerminal)
The Book of Meme price lost the support of the $0.009375 mark in the last couple of hours. Failing to recover back above this technical safety net could lead to the meme coin plunging to as low as $0.008388 in the short term.
On the other hand, the Book of Meme price reclaiming the $0.009375 support might result in the crypto trying to flip the $0.010465 resistance level into support. A break above this barrier could be followed by BOME rising to $0.011452.
Technical Indicators Warn The Book Of Meme Price Might Keep Falling
From a technical perspective, indicators on BOME’s 4-hour chart warn that the meme coin’s price might continue to fall through the course of the next trading day.
In the last 12 hours, the Moving Average Convergence Divergence (MACD) indicator triggered a major bearish flag, with the MACD line crossing below the MACD Signal line during this period. This specific technical event is usually seen as an indication that a crypto has entered a negative trend.
With the gap between the MACD and MACD Signal line growing, it appears the bearish pressure currently being exerted on the Book of Meme price shows no signs of easing just yet.
Meanwhile, the Relative Strength Index (RSI) is dropping towards the crucial 50 benchmark. Although the current reading is bullishly above this point in the high 50s, the negative slope of the indicator warns that this might not be the case for long. The RSI falling below 50 could be seen as a sign that sellers have gained the upper hand over buyers on BOME’s 4-hour chart.
As technical indicators point to a continued drop for the Book of Meme price, investors might consider the presale for Layer 2 meme coin Pepe Unchained (PEPU).
A Supercharged PEPE About To Hit The Crypto Market
Up until now, fans of the frog-themed token PEPE have had to deal with the high fees and slow processing times of the congested Ethereum network. Enter PEPU with its dedicated Layer 2 blockchain.
As more tokens enter the crypto space through the Ethereum ecosystem on a daily basis, the need for an alternative becomes more pressing. Pepe Unchained will rescue PEPE from Ethereum and unlock a 100-fold increase in transaction speeds. In addition to the transaction speed increase, PEPE lovers will also be able to send and receive crypto at a fraction of the cost.
The project will also open up its network to the rest of the meme coin space to lead the tokens in the lighthearted subset of the crypto realm into a more scalable era.
Pepe Unchained will also bring high levels of utility, something that the meme coin space lacks. Not only will its layer 2 capabilities enable faster speeds and lower transaction costs, the project has also recently launched its developer grant program.
Approved developers will soon be able to build decentralized applications on the Pepe Unchained network, which will unlock new use cases for the chain and boost the overall utility of the meme coin space.
Analysts are bullish on Pepe Unchained. Popular YouTuber ClayBro said in a video to his 170K subscribers that the project is already being compared to PEPE, which is the third largest meme coin with a market cap of more than $4.38 billion.
Closing On $20 Million In Presale
Pepe Unchained is fast-approaching the $20 million mark in its presale as investors bet big on the project’s future. Included in this raise is a series of recent purchases by whale investors.
Apart from its high levels of utility, layer 2 capabilities, and the bullish forecasts by analysts, a 112% annual staking yield is also helping to lure investors.
As if created in a lab, PEPU is absolute perfection.
As you can see, the complete package.
🐸💪💪💪💪🐸 pic.twitter.com/eZ9EjWpgBB
— Pepe Unchained (@pepe_unchained) October 15, 2024
Anyone can get in on these staking rewards by buying and staking PEPU through the project’s website. Selling for $0.00999, PEPU can be bought with either ETH, USDT, BNB or bank card.
Interested investors should buy before a price hike in less than 19 hours.
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