Banana Gun (BANANA), a Telegram bot designed to assist users in purchasing tokens on the Ethereum Network saw a massive bullish move yesterday. It crossed its major hurdle of $60 and mrking a new ATH of $75.73.
Fueled by the sharp volume surge of over 1436%, a speculative move was observed which came after the Binance listing news. Interestingly, the token was in an uptrend and made a rounding bottom formation on the chart.
Meanwhile, after three months of range bound moves and bulls’ multiple attempts to cross the $60 mark hurdle. This time, the sellers failed to secure the cluster and a new ATH mark was marked.
Per the recent breakout, a long bullish marubozu candlestick observed on the daily chart accompanied with a massive volume spike, signifying the accumulation and willingness to deliver the follow on gains ahead.
Unless the token moves below the $60 mark, the breakout rally would intact and further upswings could seen. On the upside, the bulls are to reach the $100 mark this month.
How is BANANA Performing Right Now?
At press time, BANANA price traded at $68.70 with an intraday surge of 20.79%, reflecting bullish momentum on the chart. It has a monthly return ratio of 47.20% and 437.20% yearly, reflecting a long uptrend.
BANANA/BTC is at 0.00107 BTC, and the market cap is $178.11 Million. Analysts are neutral and suggest that the BANANA price may resume the bullish wave and could reach the $100 mark soon.
Notably, it ranked 248 and has a total supply value of 8.90 Million, while the fully diluted market cap is $611.47 Million.
Should You Buy BANANA at the Top?
Amidst the consistent uptrend and a new ATH, buying momentum was intact with more upside was on the horizon. Buyers remain strong and are set to stretch the breakout rally toward the $100 mark soon.
The rising RSI signifies the sharp upward movement and consistent buying pressure on the chart. The RSI curve noted at 78, sailing in the overbought zone, whereas the MACD indicator plotted green bars and directed a bullish crossover.
Per the Fib extension tool, the upcoming targets beyond ATH nearby $88 followed by $100. @ChadCaff in his tweet said that, BANANA has crossed its ATH mark and gave a fresh opportunity to chase the bull rally here.
Entering the $BANANA zone pic.twitter.com/tFEJ08hGxo
— Caff (@ChadCaff) July 18, 2024
Source:X
Sharp Surge in Active Addresses
Fueled by the demand surge, the token succeeded in heightened the gains. Its active addresses data sharply rose over 34% to 1455, displaying an immense surge in the growth and rise in demand of the token.
Likewise, the social dominance data implied a major speculative move, as the investors were discussing the BANANA token’s price action. It continued to chatter about it on the social media platforms.
The immediate support levels for the BANANA token are $60 and $55. The key upside hurdle is around $78 followed by $85.
Is Banana Gun (BANANA) Worth Buying?
The BANANA token price climbed above the significant moving averages and traded in the blue skyzone. It has made a new ATH mark and was in a strong bullish momentum. Any dips close to the $65 mark should treated as a buying opportunity to enter into a long trade.
