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. 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.

Read More: What Are Telegram Bot Coins?

BANANA CMF.BANANA CMF. Source: TradingView

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. 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.
placeholder
Ethereum Price Drops Back: Another Test for Support LevelsEthereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase. Ethereum started a fresh decline from the $3,750 zone. The
Author  NewsBTC
Jan 08, Wed
Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase. Ethereum started a fresh decline from the $3,750 zone. The
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
May 08, Thu
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
placeholder
Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds FastEthereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
Author  NewsBTC
May 09, Fri
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
goTop
quote