The price of Banana Gun (BANANA) has increased by more than 50% in the last 24 hours, securing the token a place among the top performing assets of the week. Let’s figure out what’s behind the growth and what to expect from BANANA in the coming days.
Binance has listed the Telegram bot token Banana Gun (BANANA)
BANANA price surged after Binance listing announcement . The world’s largest crypto exchange announced the launch of an Airdrop on the Binance portal, sparking a surge in interest in the cryptocurrency.
However, despite the sharp rise, BANANA’s metrics look disappointing. The recent rally has pushed the RSI index into the overbought zone. The momentum has faded during the day, which may indicate a possible correction in the short term.
The Chaikin Money Flow (CMF) indicator shows that the asset has not experienced significant inflows of funds, indicating a lack of buying interest and potential selling pressure. All of this suggests that the price rise was largely driven by speculation and hype, making the rally unsustainable.
BANANA Price Forecast: Don’t Expect Rally To Continue
Yesterday, the price of BANANA reached an all-time high of $87.03. However, after that, the token rate corrected to $70.06, closing the day with a 30% drop. Now $70.61 acts as a critical resistance.
If inflows continue to decline, BANANA will likely fall to $65.00 or lower. However, in the event of a new wave of interest, the barrier of $70.61 may be overcome. In this case, the price of the altcoin will rise to $75. However, even in this case, it is too early to talk about reaching a new historical maximum.
About Banana Gun
Banana Gun is a Telegram bot designed for trading tools for on-chain tokens. Introduced on June 2, 2023, it provides two core services: trading and sniping. Trading enables users to purchase tokens already active on the Ethereum network securely. Sniping allows users to acquire tokens before others during upcoming token launches.
Banana Gun exclusively supports Ethereum currently but intends to broaden its reach to other blockchain networks in the future. Its primary functionalities include safeguards against rug pulls and malicious smart contracts, ensuring users optimize earnings while reducing vulnerabilities.
