Direction
Long
Published
October 28, 2024
Status
Token
PENG
Trigger
Chart PatternSupport/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
Token Name | Banana Gun |
Symbol | BANANA |
CoinMarketCap Rank | 246 |
Market Cap | 204M |
Volume 24h | 48M |
Total Supply | 8.45M |
Circulating Supply | 3.44M |
Chart Analysis
Banana had a fulminant start when it got listed on Binance. In fact, it is one of the rare listings that has a solid use case and business model.
However, chart-wise, the token trade between the broad range of $32-$65. A breakout above the $65 level would bring the previous Binance-high at $80 into play — and hold the potential for a stronger move up.
Technical Indicators
BANANA’s technical indicators paint a mixed picture.
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: N/A
- ADX: 27, indicating a light trend 🔵
Chart
Trade Setup
- Entry: $65 has been a strong resistance. Therefore wait for the price to move above and confirm on the daily chart before entering.
- Profit Target 1: Slightly below $90
- Profit Target 2+: Based on the market’s performance, BANANA could go higher. However, this is something that needs to be re-evaluated from time to time.
- Stop Loss: $62