Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Telegram Coin BANANA Skyrockets 55% in a Day as Binance Announces Listing

Source Beincrypto

Telegram coin Banana Gun (BANANA) emerged as one of the best-performing assets of the last day, rising by more than 50%.

The crypto asset enjoyed bullishness from the Binance listing but failed to register considerable inflows.

Telegram Coin on Binance

BANANA price rose on the occasion of the Telegram coin finding listing on Binance as the crypto exchange also announced its launch on the Binance Airdrop Portal. This led to a massive demand for the cryptocurrency.

This resulted in Banana Gun’s native token surging considerably, but the metrics do not suggest a further rise in price.

The recent bullish trend also led to the Telegram coin becoming overbought, as indicated by the Relative Strength Index (RSI). The bullish momentum saturated within a day, signaling a potential short-term correction.

BANANA RSI. Source: TradingView

In contrast, BANANA’s Chaikin Money Flow (CMF) indicator showed a different scenario. The CMF denoted that the asset experienced no significant inflows.

Instead, outflows were dominating BANANA. This suggests a lack of buying interest and potential downward pressure on the asset’s price.

While the Telegram coin faced a swift saturation of bullish sentiment, BANANA struggled with persistent outflows, highlighting a stark contrast in market dynamics between the two assets. This suggests that the rise in price was largely due to speculation and hype, making the uptick an empty rally.

BANANA Price Prediction: No New All-Time High Soon

BANANA’s price hit an all-time high of $87.03 during yesterday’s intra-day rise but failed to close at this price, falling to $70.06, closing the day at a 30% rise. As a result, $70.61 now acts as crucial resistance for the Telegram coin.

With the asset’s bullishness saturating and the inflows diminishing, the likely outcome will be a drawdown to $65.00 or lower. This would wipe out a chunk of the recent surge unless BANANA sees high demand following its listing on Binance on July 20.

Read More: Crypto Telegram Groups To Join in 2024

BANANA Price Analysis. Source: TradingView

However, if the investors accumulate more BANANA and refrain from selling for profits immediately, the $70.61 barrier will be breached, and the altcoin will rise to $75. Even then, a new all-time high is out of the question for some time.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Yesterday 01: 32

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Yesterday 07: 43

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols