Summary:
BOME rose over 25% to $0.008841, marking a 2-month high.
BOME's market cap reached $610 million, making it the 131st-largest digital asset.
Daily trading volume spiked by 195%, reaching $928 million.
Futures open interest for BOME hit a record $131.12 million.
Community sentiment is bullish, with 71% of traders expecting price gains.
BOME, the third-largest meme coin, experienced a remarkable surge on October 14, climbing over 25% to $0.008841âits highest price in two months. This increase coincided with Bitcoin's recovery to levels not seen since the start of the previous week.
Market Performance
According to crypto.news data, BOME's recent rally has propelled its market cap to $610 million, making it the 131st-largest digital asset. The daily trading volume surged by 195%, reaching approximately $928 million, with significant activity occurring on Binance, followed by Gate.io and Bitget.
Futures Open Interest
Futures open interest for BOME also saw a significant rise, hitting a record $131.12 million, more than doubling from last weekâs low of $57 million. This surge in open interest reflects growing investor interest and confidence in the meme coin.
Broader Market Trends
This price rally aligns with a broader upswing in the cryptocurrency market, where Bitcoin and other altcoins have also seen substantial gains. The global crypto market increased by 2.6%, from $2.27 trillion to $2.33 trillion. This momentum led to $167.2 million in liquidations, predominantly affecting short traders, indicating many were caught off guard by the market's bullish momentum.
Community Sentiment
Community sentiment around BOME remains bullish, with 71% of 3,792 traders on CoinMarketCap anticipating further price increases. Analysts and traders on X are also predicting strong upward momentum for altcoins.
Technical Analysis
Trader Bluntz noted that BOME has broken through a significant resistance level of $0.0085, which it struggled with since August 24. He predicts that this will lead to further upward movement. Another trader pointed out that BOME has exited a falling wedge formation on the 1-day chart, a bullish sign suggesting potential price increases of 80%-120% above current levels.
Meme Coin Market Surge
BOME's rally is part of a broader surge in the meme coin market, which has seen a 1.4% increase in the last 24 hours, bringing the total market cap of all meme tokens above $57.6 billion. Analyst Moustache recently predicted that the altcoin market is entering an "up-only season," based on the Altcoin Season Index, which is developing a bullish Inverse Head and Shoulders pattern.
This pattern often precedes a major breakout, indicating that altcoins may soon experience a sustained rally, reversing years of stagnation and downward pressure.
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