After recording a bearish weekend, the bearish influence over the crypto markets escalated. With the huge drop in the S&P 500, the crypto markets also slashed, wiping out over $200 billion. The major tokens like Bitcoin, Ethereum, and Solana faced huge pullbacks, forming fresh bottoms. In the times when these prices continue to flash bearish signals, memecoins have begun to rebound as prices of Shiba Inu (SHIB) & BOOK OF MEME (BOME) are experiencing a notable upswing. Here’s what to expect ahead of the monthly close.
Shiba Inu (SHIB) Price Analysis
Shiba Inu price is trying to validate a rebound before reaching the February low close, which has instigated the bullish momentum. The bulls are offering great support as the pressure piles up from the bottom. With this, the SHIB price is now believed to reclaim the pivotal support-turned-resistance at $0.000015, which could revive a strong recovery to the upper targets.
The SHIB price has rebounded but continues to trade within a falling wedge, forming constant lower highs and lows. However, the price appears to have reached the edge of the consolidation and one fine upswing to the resistance, which collides with a crucial barrier around $0.000016, may revamp a strong ascending trend towards the immediate target at $0.00002. The CMF has displayed a bullish divergence, while the RSI is stuck below the descending trend line. As volume is low, the price is believed to maintain a sluggish upswing and consume more time to reach the resistance.
BOOK OF MEME (BOME) Price Analysis
The BOME price in the short term maintained a horizontal consolidation within a predetermined range. The sluggish behaviour drained out the bullish strength, resulting in a price drain below the support. Meanwhile, the token triggered a strong rebound after fighting the bearish heat, resulting in a notable rise from the local bottoms. The price is yet to enter the bullish range, which is believed to attract some buying pressure, much required for an ascending continuation.
The short-term price action of BOME suggests the price has marked the local bottom and is preparing for a strong recovery. The stochastic RSI has triggered a bullish divergence while the MACD shows a drop in the selling volume. Moreover, the levels are about to undergo a bullish crossover, which could validate a rise above the bearish influence. Therefore, the BOME price is believed to enter the horizontal consolidation and reclaim the lost levels around $0.0021.
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