BOOK OF MEME/Tether Market Overview

Summary
• Price climbed from $0.000956 to $0.000983 in 24 hours, forming a bullish continuation pattern.
• Volume surged to $796.6 million, confirming strong buying pressure in the final candle.
• RSI shows signs of overbought conditions, suggesting potential near-term volatility.

BOOK OF MEME/Tether (BOMEUSDT) opened at $0.000956 on 2025-11-09 12:00 ET and closed at $0.000975 by the same time on 2025-11-10. The pair reached an intraday high of $0.000989 and a low of $0.000940. Total volume for the 24-hour window was 708.5 million tokens, while notional turnover reached $699.6 million. The price action reflects a strong upward bias, supported by increasing volume toward the session high.

Structure & Formations

The price formed a bullish continuation pattern as it broke above a descending wedge structure seen in the last 6 hours. A key support level emerged around $0.000964–0.000966, where the price consolidated multiple times before resuming the upward move. A bearish engulfing pattern appeared around $0.000968, but it failed to trigger a reversal, indicating strong buying interest. A potential resistance zone now forms at $0.000983–0.000985, with the intraday high at $0.000989 acting as a psychological barrier.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs are both trending upward, with the price staying above both lines, confirming bullish momentum. On the daily timeframe, the 50/100/200-period SMAs are also aligned in a bullish configuration, with the 50-SMA recently crossing above the 100-SMA in a “golden cross” formation. This suggests that the uptrend may persist into the next 24 hours.

MACD & RSI

The MACD histogram has turned positive and the line crossed above the signal line, reinforcing the bullish momentum. However, the RSI has surged above 75, entering overbought territory, which may increase the probability of a short-term pullback or consolidation. Traders may want to watch for a potential RSI reversal under 70 as a sign of weakening momentum.

Bollinger Bands

Volatility has expanded significantly as the price pushed toward the upper band, especially after 05:00 ET. The bands are now wide, indicating heightened volatility. The price closed near the upper band on the 15-minute chart, signaling a strong bullish bias, but traders should be cautious of overbought conditions and a possible contraction phase in the near term.

Volume & Turnover

Volume spiked dramatically in the last 4–6 hours of the session, with the largest single 15-minute candle (2025-1110 150000) recording $796.6 million in turnover. This aligns with the price break above key resistance and confirms institutional or large-cap buyer participation. However, divergence is noted in the last 2–3 hours, where price continued higher while volume started to moderate slightly, suggesting a potential exhaustion of the bullish move.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $0.000944 to $0.000989, the price currently sits near the 61.8% retracement level at $0.000976, which is also the recent pivot. A break above $0.000983 would target the 78.6% level at $0.000988. On the daily chart, the 38.2% Fibonacci level at $0.000978 could act as a key psychological and technical support/resistance level.

Backtest Hypothesis

To test the viability of a momentum strategy on BOMEUSDT using RSI and price action, a structured backtest is warranted. A potential approach would involve entering long positions after the RSI(14) crosses above 70, with an exit upon RSI falling below 70 or triggering a stop-loss of 8% below the entry price. Given the recent overbought conditions and strong volume, a similar RSI-based strategy may have yielded profits in the last 24 hours, though it carries risk of false signals during highly volatile periods.