Banana Gun Price Goes Ballistic as it Soars 20% Following Binance Plans to List BANANA

The Banana Gun Price has erupted and soared 20% in the past 24 hours to trade at $70. This noticeable price movement is bolstered by a noticeable increase in trading volume by 12018% to $35.28 million. 

This comes as Binance revealed the first project on its Binance Airdrop portals, Banana Gun(BANANA). This news caused the token to rally to a new high of $78 before facing a slight retracement. Moreover, the Binance customers who subscribed their BNB tokens to Simple Earn products from Jun 23 to July 5 qualified for the BANANA token airdrop.

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BINANCE LISTING$BANANA is listing on @Binance! Participating as the first protocol on Binance HODLer Airdrops, Binance users can stake their $BNB on Binance to earn $BANANA.$BANANA will then be listed on 2024-07-20 at 09:00 (UTC) with BTC, USDT, BNB, FDUSD, and TRY pairs.… https://t.co/1YKFiOE3f2

— Banana Gun 🍌🔫 (@BananaGunBot) July 18, 2024

Meanwhile, Binance plans to list BANANA on July 20, 2024, at 09:00 UTC. The token will be available in various trading pairs, including BANANA/BTC, BANANA/TRY, BANANA/BNB, BANANA/FDUSD, and BANANA/USDT. 

However, Binance has cautioned traders while trading, saying,

‘’ BANANA is a circulating token. The HODLer airdrop rewards will rapidly increase the circulation in the secondary market, which may cause considerable fluctuations in the price compared to the current price after Binance opens.’’

On the other hand, Banana Gun has gained alot of attraction from traders and investors. According to analytic firm Lookonchain, a trader recently spent $440 ETH worth $1.5M to buy 21,183 BANANA at an average price of $71.14.

A trader spent 440 $ETH($1.5M) to buy 21,183 $BANANA at an average price of $71.14 7 hours ago.

This trader previously bought 18,803 $BANANA($235K) at $12.52 and sold at $26.26, making a profit of $258K!

Address:
0x02F6f73Ebd8D79003EE5d84fB642ca7695882D63 pic.twitter.com/8MJuoHKsjL

— Lookonchain (@lookonchain) July 19, 2024

Moreover, the trader had previously bought 18,803 BANANA, which he later sold and made a profit of $258K.

BANANA Statistical Data

Based on Coinmarketcap data:

• BANANA price now – $70.79
• BANANA market cap – $168.46 million 
• BANANA total supply – 8.9 million 
• BANANA circulating supply – 2.42 million
• BANANA ranking – #255

Banana Gun Price Soars Above a Rising Channel

On July 18, the Banana Gun price rallied to $78 following Binance news on the listing of BANANA tokens on its Binance Airdop portals. However, profit booking, mainly by early adopters, weakened the uptrend, significantly retracing within the ascending channel to a support level of $64. Nonetheless, all hope is not lost as the bulls show resilience, targeting above the $78 mark.

Banana Gun price trades well above the 50-day Simple Moving Average (SMA) in green and the 200-day SMA in blue. In this case, the $49.38 and 53.81 are immediate support levels for the bulls. Moreover, this suggests intense buying pressure, tilting the odds towards the buyers.

Based on the Moving Average Convergence Divergence (MACD) indicator, the BANANA price is suitably positioned to maintain the uptrend. This is after it recorded a bullish crossover when it crossed above the signal line (orange). Such a move is often interpreted as a buy signal, inclining traders to continue buying BANANA unless the trend in the MACD changes.

The Relative Strength Index (RSI) reinforces the uptrend as it has already crossed the 70 overbought region, currently at 74. However, the RSI on the four-hour chart cautions traders to anticipate a reversal following overbought conditions. However, this reversal might be brief enough to allow more investors to buy BANANA, thus building momentum for a breakout above $78.

Banana Gun Price Prediction

In the 4-hour chart analysis, the buyers have the upper hand in the BANANA price market. If the bills keep up with the uptrend, the BANANA price could surge above the $78 resistance mark.

Conversely, based on Welles Wilder’s interpretation of the RSI, an asset is only ripe for selling once the RSI crosses below the 70 threshold. The price could drop if the sellers take advantage of the overbought BANANA token. In such a case, the price could slightly plunge to around $62. 

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