Market Overview for BOOK OF MEME/Tether (BOMEUSDT) on 2025-10-29

• BOOK OF MEME/Tether (BOMEUSDT) drifted lower over 24 hours, closing below key support levels with muted volume.
• Volatility expanded briefly during the overnight sell-off but remained largely consolidated post-noon ET.
• Momentum indicators signaled oversold conditions by late morning, but failed to trigger a sustained reversal.
• A bearish engulfing pattern formed near 0.001086, with price closing below prior bullish candle bodies.
• Turnover surged during the initial hours, but failed to confirm a strong short-term reversal attempt.

Price Action and Market Context

BOOK OF MEME/Tether (BOMEUSDT) opened the 24-hour period on 2025-10-28 at 0.001086 and drifted lower through the following 24 hours, reaching a low of 0.001030 before closing at 0.001048 on 2025-10-29. The 24-hour high was 0.001102, while the low reached 0.001030, indicating a range-bound consolidation phase after a sharp midday sell-off. Total volume across the period was approximately 1.6 billion units, while notional turnover reached $10.5 million, showing a moderate increase in activity during the morning sell-off.

Structure & Formations

Price action revealed several key structures during the 24-hour period. A bearish engulfing pattern emerged around 0.001086, with price closing below the prior bullish candle’s body, signaling potential bearish momentum. A doji formed near 0.001048, suggesting indecision in the market at that level. Notably, price tested and retested the 0.001050–0.001060 zone multiple times, indicating potential near-term support.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages crossed over mid-morning, with the 50-period line moving below the 20-period line—a bearish crossover. This aligns with the broader price action, which saw a rapid decline into the overnight hours. The 50-period moving average appears to act as a short-term resistance around 0.001050–0.001060, with price failing to break above it on multiple occasions. On the daily chart, price remains below the 50/100/200-period moving averages, indicating a broader bearish bias.

MACD and RSI Behavior

The MACD line crossed below the signal line (a bearish “death cross”) mid-morning, reinforcing the downward move. The histogram displayed a significant contraction in momentum following the morning sell-off, with the MACD returning to neutral levels by the afternoon. The RSI hit oversold territory (below 30) around 0.001030, suggesting a potential reversal. However, price failed to follow through with a meaningful rebound, keeping the RSI in the 30–40 range for most of the period.

Bollinger Bands and Volatility

Volatility expanded during the overnight session, with price reaching the lower Bollinger Band as it approached 0.001030. This period coincided with the highest volume and turnover of the day, indicating a period of heightened bearish pressure. Following this, volatility contracted as price moved back toward the middle band, reflecting a lack of follow-through in either direction. Price has remained near the middle band for most of the period, suggesting a temporary consolidation phase.

Volume and Turnover Dynamics

The highest volume and turnover were recorded during the initial hours of the 24-hour period, particularly around the 0.001030 level. This coincided with a sharp price drop and a bearish engulfing pattern, suggesting strong bearish conviction at that point. However, subsequent volume declined significantly, with price failing to break below key support levels. Divergences between price and volume were minimal, but the lack of follow-through buying above 0.001050 indicates weak bullish conviction.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing low at 0.001030 and high at 0.001086, the 38.2% level (~0.001065) and 61.8% level (~0.001049) were both tested during the 24-hour period. The 61.8% retracement level (~0.001049) held firm during the afternoon, acting as a temporary floor for price. This suggests that 0.001049 could serve as a short-term support level if bearish momentum persists.

Backtest Hypothesis

Given the recent bearish divergence and the failure of price to confirm a reversal despite oversold RSI conditions, a potential backtesting strategy could involve entering short positions on MACD death crosses and Fibonacci 61.8% retracement breaks with a 5-day holding period. However, confirmation from a supported data source is required for accurate MACD data to evaluate this strategy over 2022–present.