Banana Gun (BANANA), a Telegram bot that helps users purchase tokens on the Ethereum Network, experienced a massive bullish move yesterday. The token crossed its major hurdle of $60, reaching a new all-time high (ATH) of $75.73. This surge was fueled by a sharp volume increase of over 1436%, following the news of its Binance listing.
Strong Uptrend and Chart Patterns
BANANA was already in an uptrend, forming a rounding bottom pattern on the chart. After three months of range-bound moves and multiple attempts by the bulls to cross the $60 hurdle, sellers failed to hold the cluster this time. This resulted in a new ATH.
Bullish Indicators and Potential Upside
A long bullish marubozu candlestick was observed on the daily chart, accompanied by a massive volume spike. This signifies accumulation and the potential for further gains. As long as the token stays above the $60 mark, the breakout rally remains intact. Analysts predict that the bulls could reach the $100 mark this month.
Current Performance of BANANA
At press time, BANANA is trading at $68.70, reflecting an intraday surge of 20.79%. It has a monthly return ratio of 47.20% and a yearly return of 437.20%, indicating a strong uptrend. BANANA/BTC is at 0.00107 BTC, and the market cap is $178.11 million. Analysts are neutral but suggest that BANANA may resume its bullish wave and reach $100 soon. The token is ranked 248 with a total supply value of 8.90 million, and a fully diluted market cap of $611.47 million.
Should You Buy BANANA at Its Peak?
Despite reaching a new ATH, buying momentum remains strong with more upside potential. Buyers are set to push the breakout rally towards the $100 mark soon. The rising RSI, currently at 78, indicates strong upward movement and consistent buying pressure. The MACD indicator shows green bars, signaling a bullish crossover. According to the Fib extension tool, the upcoming targets beyond the ATH are $88 and $100.
Surge in Active Addresses
The demand for BANANA has significantly increased, with active addresses rising by over 34% to 1,455. This surge reflects growing interest and demand for the token. Social dominance data also indicates major speculative moves, with investors actively discussing BANANA’s price action on social media.
Support and Resistance Levels
The immediate support levels for BANANA are $60 and $55, while the key resistance levels are $78 and $85.
Is Banana Gun (BANANA) Worth Buying?
BANANA has climbed above significant moving averages and is trading in a bullish momentum. The new ATH suggests strong market confidence. Any dips close to the $65 mark should be treated as a buying opportunity to enter into a long trade.