Banana (BANANA) Price Prediction: Is BANANA Gearing Up for a 20% Increase?

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Banana (BANANA) price is up 8% in the last 24 hours and over 50% since its relaunch on the Uniswap decentralized exchange on Sept. 14. BANANA began trading at $6.2, reflecting a market capitalization of $14.8 million, with $2.1 million in liquidity locked on Uniswap v.2 for two years.

At the time of writing, the market cap had grown to $21.8 million, with a liquidity of $2.6 million. The 24-hour trading volume was $2.8 million, according to data from CoinMarketCap.

On Sept. 14, the team behind Banana Gun, a Telegram bot, initiated the relaunch of the BANANA token on Uniswap v.2. This was a strategic move in response to the project’s recent challenges.

RELAUNCH OF $BANANA

Tonight we will relaunch $BANANA on Uniswap v2 and finalize the $BANANA airdrop for holders.

Relaunch time:
20:00 UTC

Launch price: $6.20
Launch market cap: $14.8m
Launch FDV: $62m
Liquidity: $2.1m (170k tokens + ~650 eth depending on eth price)

Because…

— Banana Gun 🍌🔫 (@BananaGunBot) September 14, 2023

Additionally, the Banana Gun team announced that an airdrop would accompany the BANANA token relaunch to compensate holders who experienced a severe loss of 99% due to an earlier glitch on the platform.

TOKEN BURN

With our refund programme, we essentially bought back tokens using ETH.

This was a total of 100k+ tokens, worth over $1M. We just sent out the last of the airdrop to eligible people (e.g. 1inch limit orders), so we burnt the rest!

96289 $BANANA burnt forever.… pic.twitter.com/iNyy449R6P

— Banana Gun 🍌🔫 (@BananaGunBot) September 19, 2023

With a liquidity pool of over $2.5 million, BANANA boasts a robust reserve of tokens locked in smart contracts. With such a big stash, traders can easily swap tokens for other currencies or fiat.

A project with a sound liquidity pool makes trading more straightforward, faster, and convenient. Such a project commands confidence amongst investors, which is, in turn, favorable for its price growth.

Banana Price Analysis

After rallying for six days, BANANA price hit an all-time high of $14 on the Poloniex crypto exchange on Sept. 20. The price then underwent a massive sell-off as early adopters booked profits. The ensuing selling pressure saw Banana witness a sharp decline, halted around the $7.71 area. This was followed by a steady climb to the current level of around $9.10.

This price action has led to a rounded bottom chart pattern on the two-hour chart (see below). At press time, BANANA was fighting resistance from the $9.5 psychological level. A rise above this level would bolster the bulls to confront opposition from the $10 supplier congestion zone, where the 100-period Simple Moving Average (SMA) currently sits.

BANANA could shatter the 50 SMA at $10.3 in highly ambitious cases before returning to the rounded bottom’s neckline at $11.2. Such a move would represent a 23% ascent from the current price.

BANANA/USD Two-Hour Chart

BANANA Gun Price Chart — TradingView Chart: BANANA/USD

Apart from the significantly bullish chart pattern, the upward-facing Relative Strength Index (RSI) supported the optimistic outlook. The price strength had increased from 30 during the New York trading session on Thursday to the current value of 48. This pointed to increasing bullish momentum.

In addition, the Moving Average Convergence Divergence (MACD) indicator was also moving upwards. Note that the call to buy BANANA, which was sent earlier today when the 12-period Exponential Moving Average (EMA) crossed above the 26-period EMA, was still in play. This suggested that the market conditions still favored the upside.

On the other hand, both oscillating indicators were positioned in the negative region, suggesting that there were still more bears than bulls in the market. They may pull the price downward to produce a two-hour candlestick close below the support level at $8.3.

A drop lower would see BANANA revisit yesterday’s swing low at $7.71, coinciding with the technical formation’s bottom.

Those seeking to go long on BANANA must wait for a clear move above $9.5. While waiting for this to happen, they could look to new cryptocurrency in presale with the potential to make good returns in 2023 as a crypto diversification strategy.

BANANA Alternative: Bitcoin BSC Attains its Soft CAP

Bitcoin BSC (BTCBSC) hit a significant milestone on Sept. 22, reaching its soft cap of $3.96 million. BTCBSC continues to perform well in presale, adding more than $400,000 in the last 24 hours to reach $4.4 million.

Another exciting update from #BitcoinBSC!

We've now raised over $4.4 million! 🎉 pic.twitter.com/CCMRlBkU0m

— Bitcoinbsc (@Bitcoinbsctoken) September 22, 2023

The new BEP-20 token — a cryptocurrency based on Binance Smart Chain — reached this achievement in under two weeks, showing growing popularity amongst crypto investors.

Each BTCBSC is auctioned for $0.99 per token, offering those who missed out on Bitcoin (BTC) an opportunity to make similar returns over the next decade.

Relive the early days of Bitcoin's inception with #BitcoinBSC!

Take a trip back to April 2011, when #Bitcoin was merely 99¢ each. 🚀

Come along with us on this nostalgic journey and encounter market accessibility like never before.💰 pic.twitter.com/afrE9yfDhF

— Bitcoinbsc (@Bitcoinbsctoken) September 22, 2023

The Bitcoin BSC presale will continue until the supply dedicated to the presale is sold off, which is $6.06 worth of BTCBSC.

You can buy BTCBSC with BNB, USDT, or ETH, and once it goes live, it will offer staking services, releasing rewards every 10 minutes, similar to how the Bitcoin network handles mining rewards.