Basenji Price Surges 47% in a Week Celebrating Ancient Egyptian Roots

Last updated: June 13, 2024

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Basenji Price Surges 47% in a Week Celebrating Ancient Egyptian Roots

The Basenji price has surged 47% in a week to trade at $0.0711 as of 11:33 a.m. EST.

Basenji is a cryptocurrency project that pays homage to the ancient Egyptian roots of the world’s oldest dog breed.

Basenji, the oldest dog breed in history, has started an adventure onchain.$BENJI pic.twitter.com/hJBONn9ROO

— Basenji (@Basenjiofficial) June 8, 2024

Known for its historical companionship with Pharaohs dating back thousands of years, Basenji merges this rich heritage with its innovative meme coin concept.

With a rapidly growing community boasting over 79,900 holders, Basenji has garnered significant interest among crypto investors. The project currently has a market capitalization nearing $89.7 million and a robust trading volume of $6.3 million.

This blend of cultural legacy and digital innovation underscores Basenji’s unique position in the cryptocurrency landscape. It has captured attention for its compelling narrative and community-driven ethos.

We are proud to announce that $BENJI has officially partnered with @wintermute_t, widely recognised as the world's leading crypto-native trading firm. They will be providing liquidity for our exchange listings.

Basenji has established itself as a leading meme brand across the… pic.twitter.com/t7Uq6YFijv

— Basenji (@Basenjiofficial) June 6, 2024

Basenji Price Bulls Gear Up For A Bull Rally

The price of Basenji has experienced a significant surge, rising from a support level of $0.01347 to a resistance level of $0.1051. However, this upward momentum has met some resistance, with bears stepping in to push the price down slightly.

Basenji Price

BENJIUSD Analysis (Source: Dextools.io)

This push and pull between buyers and sellers has formed a bullish pennant, a technical pattern that often signals a continuation of a bullish trend.

Currently, the price is trading above the 50 simple moving average, which indicates strong positive momentum. Additionally, a moving average cross formation is on the horizon, which could propel the price above the pennant and set the stage for a new all-time high for BENJI.

Even though there’s been a bit of a downward trend recently, the Relative Strength Index (RSI) remains above the 50 midline level. This suggests that the RSI could climb back to the 70 level, which indicates overbought conditions and could further support a bullish outlook.

The Moving Average Convergence Divergence (MACD) indicator also supports this positive sentiment, as the blue average line has crossed above the signal line, and the histogram shows green bars, both of which are bullish signals.

Basenji Price: Where is BENJI Headed Next?

The bullish pennant pattern is generating increased bullish momentum, pushing the price toward an all-time high of $0.1050. Additionally, the 50-day SMA could provide further support for the bulls to push the price above the pennant, with a potential new all-time high target of $0.1345.

However, there’s still some risk. If the bears manage to continue their correction, they could push the price below the 50 SMA, down to the $0.04254 support level, which is below the lower trendline of the bullish pennant. If downward pressure persists, the price might fall further to around $0.03213.

While the current technical indicators and patterns suggest a strong bullish outlook for Basenji, potential buyers should be aware of the risks and be prepared for possible corrections.

BENJI tokens are available for trading on both decentralized and centralized cryptocurrency exchanges. The preferred platform for purchasing and trading Basenji is Uniswap V3 (Base), where the BENJI/WETH trading pair has seen a significant trading volume of $488,127 over the past 24 hours. Additionally, other popular exchanges such as Aerodrome SlipStream and XT.COM also support trading of BENJI tokens.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Charles Kibue

Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.

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