Boomercoin price has plunged by 18% in the past 24 hours and is currently trading at $0.03171, with trading volume down by 19% at $1.9 million as of 7:20 AM EST.
Boomercoin price is likely to initiate a rebound above the descending channel.
Boomercoin price is hovering around the $0.032 level, which is a critical point. This price level also indicates a support area on the decline from the $0.058 high.
The ongoing struggle between buyers and sellers has formed a descending channel pattern, suggesting a possible shift to an upward trend.
Price indicators are also looking promising. The current price is below the 50 simple moving average. If the price continues to rise, we might see the price rebound above the upper trendline of the descending channel.
Moreover, the relative strength index (RSI) has rebounded from the oversold level of 30 to around 50, indicating strong buying interest. If this momentum continues, the RSI could move into the overbought zone.
The green bar of the MACD indicator and the recent crossover above the signal line also reinforced the optimism about the price potential of Boomercoin.
The bulls in the Boomercoin price may initiate a rally above the descending channel. The presence of the descending channel provides an opportunity for the bulls to push the price to a new high of $0.0449 in the coming weeks.
However, if the bears regain control, the price could decline inside the channel to $0.0270. Further downward pressure could lead the price back to the downtrend line at $0.0229.
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“BOOMER Price Prediction: BOOMER Plummets 18%, Analyst Says It’s the Best Doge 2.0 ICO Cryptocurrency to Buy Now”
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