Is Banana Gun Worth Buying?

Bittime - Token Banana Gun (BANANA) managed to penetrate the crucial level of $60 (around IDR 972 thousand) and reached its highest point in history at $75.73 (around IDR 1.2 million). So, is the Banana Gun worth buying? Check out the explanation in this article!

This sharp increase was triggered by a surge in trading volume of up to 1,436%. This speculation emerged after news that BANANA would soon be listed on Binance, one of the largest crypto exchanges in the world. 

Interestingly, BANANA price movements have shown an upward trend in recent times. This token forms a "rounding bottom" pattern on the chart.

After three months of being stuck in a stable price range, the bulls' repeated attempts to break through the $60 level finally paid off. Sellers failed to maintain that level, and BANANA made new history.

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BANANA's daily chart shows a long and bullish "marubozu" candlestick pattern, accompanied by a significant spike in trading volume. This indicates massive accumulation and potential further price increases.

The opportunity for an increase will remain open as long as BANANA stays above the $60 level (around IDR 972 thousand). The bulls' optimistic target is to break through the $100 level (around Rp. 1.6 million) this month.

How is BANANA Performing Currently?

At the time this article was written, the price of BANANA was at $61.73 (around IDR 1 million) with a decline of around 19%. But in the past month, BANANA has posted price increases of 19.3% and around 400% on year, indicating a long-term uptrend.

The BANANA/BTC currency pair is currently at 0.00107 BTC, and its market capitalization stands at $178.11 million (around IDR 2.8 trillion). Financial analysts are neutral and predict that BANANA price has the potential to continue the bullish trend and soon reach the $100 level (around IDR 1.6 million).

Currently, BANANA is ranked 232nd with a total supply of 8.90 Million tokens. Meanwhile, the fully diluted market cap reached $549.1 million (around Rp. 8.9 trillion).

Buy BANANA At Peak?

Even though it has reached an all-time high, buying momentum for BANANA is still strong, indicating the potential for further price increases. The "bulls" still dominate the market and are determined to bring BANANA to the $100 level (around Rp. 1.6 million) in the near future.

A continuously increasing RSI indicator indicates a sharp upward price movement and consistent buying pressure. The RSI value is currently at 78, which indicates the "overbought" zone. Meanwhile, the MACD indicator shows green bars and a bullish crossover.

Using the Fibonacci extension tool, the next price increase targets are around $88 (around IDR 1.4 million) and $100 (around IDR 1.6 million). Crypto analyst @ChadCaff tweeted that BANANA has surpassed its ATH and provides a golden opportunity to profit from the current bullish rally.

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Active Address Surge

Driven by a surge in demand, BANANA managed to increase its earnings. Its active address data jumped sharply by 34% to 1455, signaling a significant increase in growth and demand for this token.

Likewise, social dominance data suggests massive speculation. Investors are busy discussing BANANA token price movements on social media.

The closest support levels for BANANA are at $60 (around IDR 972,000) and $55 (around IDR 886,000). Meanwhile, the closest resistance levels are around $78 (around IDR 1.2 million) and $85 (around IDR 1.3 million).

Is Banana Gun (BANANA) Worth Buying?

The BANANA token price is currently above an important moving average and is trading in the “blue sky” zone. The token has reached a new high and is showing strong bullish momentum. 

Any price correction around $65 (around IDR 1 million) could be an attractive buying opportunity to enter a long-term trade.

However, keep in mind that the crypto market is always volatile and there is no guarantee that BANANA will continue to rise. Investors should always do their own research before making an investment decision.

Conclusion

Banana Gun (BANANA) is an interesting token with great potential. The token has shown impressive performance in recent months and has strong bullish momentum.

However, it is important to remember that crypto investments are always high risk. Investors should always do their own research and invest only with money they are willing to lose.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.