After a notable increase, the Book of Meme token, BOME, is now recovering its price to overcome a recent decline. Despite facing a significant sell-off across the entire cryptocurrency market, this meme coin has been impacted, causing a delay in its next upward movement.

Although there is strong demand underlying it, the formation of a higher low suggests a potential resurgence in the upcoming week, with traders on the sidelines anticipating a rise above $0.30. Let's delve deeper into how the BOME price might fare given a possible market recovery on the horizon.

Price Recovery and Positive Momentum

After dropping from its peak of $0.02685, BOME found support at $0.01352, coinciding with the 61.80% Fibonacci level, which has facilitated its current rebound. This reversal indicates that the meme coin is poised to end its recent decline and move towards a more positive trajectory.

The recent bullish reversal has seen a 72% increase over the past two weeks, signaling a gradual recovery and suggesting a potentially stronger rally ahead. Additionally, the upward trend in BOME's price has resulted in the formation of a support trendline on the 4-hour chart.

Current Market Position and Future Outlook

At present, BOME is trading at $0.01685, having experienced a 20% surge overnight, indicating a robust bullish trend. With buyers maintaining control above the 50% Fibonacci level and ongoing activity around the 38.20% level, the BOME price is at a crucial juncture, poised for potential further gains.

The prevailing market conditions, characterized by intense selling pressure on major altcoins and Bitcoin, have also impacted the meme coin sector. Despite this pressure, the BOME price analysis suggests that the support trendline could sustain the upward momentum, potentially surpassing its previous peak at $0.026. Consequently, there is a projected upside potential of 65%, with the potential for a breakout rally to reach the $0.030 milestone.