Banana Gun Price Rises Along with Listing Announcement on Binance

Bittime - Banana Gun (BANANA), a project that originally appeared on the Telegram platform, managed to steal attention after its price jumped more than 35% in the last week. This price increase is thought to be closely related to the announcement from Binance, the largest cryptocurrency trading platform in the world.

However, this price spike turns out to be a mystery. Even though Binance's announcement had a significant impact, the flow of funds into Banana Gun was observed to be minimal.

Binance and the Banana Gun Price Increase

It all started with Binance's announcement that they would include Banana Gun in their Airdrop Portal program. This news was immediately greeted enthusiastically by investors, causing the price of the Banana Gun to skyrocket. This drastic increase in demand was the initial driver for the price increase.

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Cointurk stated that this price increase was not sustainable. The graph shows that the price of Banana Gun is starting to stagnate.

Technical Analysis: Overbought and Lack of Fund Flow

If we look at the Relative Strength Index (RSI) indicator on Banana Gun, it can be seen that this coin has reached the overbought point. This condition indicates that the price increase has most likely reached its peak.

This is reinforced by the Chaikin Money Flow (CMF) indicator which shows the minimal flow of funds into Banana Gun. On the contrary, it was observed that the outflow of funds was more dominant.

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The Future of Banana Gun

The price of the Banana Gun touched a record high of $87.03 (around Rp. 1.41 million) before being corrected down to $70.06 (around Rp. 1.13 million). Currently, the price of the Banana Gun is around $72.24 (around Rp. 1.17 million).

With the weakening of fund inflows and the end of the price upward momentum, some analysts estimate that the Banana Gun price has the potential to fall to the level of $65 (around Rp. 1.06 million) or even lower. 

Moreover, after listing on Binance on July 20, demand for Banana Gun will not meet expectations.

However, the opportunity for price increases still exists. If investors choose to hold onto the Banana Gun and do not rush to sell it to take advantage, it is not impossible that the level of $70.61 (around IDR 1.14 million) could be exceeded, and the price of the Banana Gun could return to around $75 (around IDR 1.14 million). 22 million).

With the uncertainty of fund flows and price movements, investors need to be careful and carry out in-depth analysis before deciding to buy or sell Banana Gun.

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. 

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