BOME Hits 2-Month High as Market Rebounds

BOME’s surge has brought its market capitalization to $610 million, ranking it 131st among the largest digital assets. Daily trading volume also jumped more than 195% to $928 million, with the majority of trading taking place on Binance, followed by Gate.io and Bitget.

Meanwhile, futures open interest also recorded a sharp increase. According to data from CoinGlass, BOME futures open interest hit a record $131.12 million, more than doubling from last week’s low of $57 million.

The rally comes amid a broader recovery in the cryptocurrency market, with Bitcoin and other altcoins also seeing strong gains. The total global cryptocurrency market cap rose 2.6%, from $2.27 trillion to $2.33 trillion.

CoinGlass also said that the rally resulted in $167.2 million in liquidations, of which $101.6 million came from short traders. This suggests that many investors were caught off guard by the market’s rally and made the wrong bet on a drop in prices. This sudden liquidation may have contributed to higher price pressure as short positions were forced to close, further fueling the market’s rally.

The sentiment around BOME is very positive, with 71% of the 3,792 traders on CoinMarketCap predicting a short-term price increase. Similarly, on the X platform (formerly Twitter), analysts and traders are also optimistic, predicting a strong uptrend for the altcoin.

BOME Technical Analysis

According to anonymous trader Bluntz, BOME has successfully broken through a key resistance level at $0.0085, a level that the coin has not been able to overcome since August 24. Bluntz predicts that the price will continue to rise, supported by a significant increase in daily trading volume and Bitcoin’s recent bullish momentum.

Another trader said that BOME has broken out of a falling wedge pattern on the daily chart, a bullish sign, and also said that the meme coin has the potential to increase by 80% to 120% from its current price.

BOME’s surge coincided with a rally in the global meme coin market, which has increased by 1.4% over the past 24 hours. According to CoinGecko, the total market capitalization of meme tokens has now surpassed $57.6 billion.

In an October 11 post on X, analyst Moustache predicted that the altcoin market is approaching a “one-and-only bull season,” based on the Altcoin Season Index. The index has formed an inverted head and shoulders pattern, one of the most bullish patterns in technical analysis, over the past 3.5 years.

This typically signals a major breakout, suggesting that altcoins may soon enter a sustained bull cycle, reversing years of stagnation and downward pressure.