Banana Price Breaks Out After Consolidation

Join Our Telegram channel to stay up to date on breaking news coverage

Banana (BANANA) price has erupted despite the market fluctuations witnessed this week and is up 13% in the last 24 hours.

BANANA is trading at $8.66 on Wednesday, bolstered by a noticeable increase in trading volume by 10% to $874k.

Interest in Banana price has been growing over the last few weeks, courtesy of a vibrant community and a team that is constantly working to develop the protocol and build an ecosystem around it.

Banana Protocol’s Focus on Development Pays Off

Banana is a protocol executing on the Ethereum blockchain to become an invaluable ally to crypto traders and investors. The project has built and back-tested bots to help investors boost their profits by sniping upcoming launches, or safely buying already listed tokens.

The Banana community is looking forward to exciting developments following the release of the latest development update on September 29. “After a few hectic weeks we are extremely thrilled to announce we have so much good stuff planned for you guys,” the Banana team said via X.

So far, developers have “reworked our telegram UX together with a professional front-end agency to have better flows and make it visually attractive,” not to mention work on the bot’s limit orders which tap the MEV on the Ethereum blockchain.

The team also announced the upcoming Banana Bonus to incentivize users and reward loyal community members.

BIG THINGS AHEAD

After a few hectic weeks we are extremely thrilled to announce we have so much good stuff planned for you guys.

Time to recap our now/next/later planning and update you guys on where we stand.

UX rework
We have reworked our telegram UX together with a… pic.twitter.com/7YkDRpD4J3

— Banana Gun 🍌🔫 (@BananaGunBot) September 29, 2023

The protocol’s revenue share dashboard was updated in September to include APY. According to a post on X, “APY is calculated based on the average of the last two days of bot fees + tax fees.”

At the moment, the APY is at 92% which is one of the highest in the market, considering Shiba Inu (SHIB) has an APY of 0.01% on Binance.

SMALL UPDATES (APY visual – 92%)

1. Revenue share dashboard now has APY

APY is calculated based on the average of the last two days of bot fees + tax fees.

We only took two days because we didn't want to include irregular events that could skew APY to great heights like the…

— Banana Gun 🍌🔫 (@BananaGunBot) September 27, 2023

Banana allows users to freely generate referral links to accrue rewards based on the people they bring to the project. Referral links earn Ethereum which can be claimed at any time. Users earn 10% of all the fees generated by people using their referral links.

The system has been designed in such a way that “referral codes are written into every swap transaction and rewards data is processed directly from the blockchain.” Data is monitored and rewards are calculated every two hours. Investors need to have a minimum of 0.05 ETH to claim referral rewards.

REFERRAL LINKS

Very good news! Everyone can generate a referral link now and accrue rewards based on your referrals! We also updated our dashboard to include referral rewards.

From now on:
🍌 Everyone can generate a ref link to earn ETH
🍌 You can claim your referral rewards…

— Banana Gun 🍌🔫 (@BananaGunBot) September 27, 2023

Banana Price Analysis Amid Bullish Comeback

Banana price initially rallied to highs around $14 following its debut on decentralized exchanges like Uniswap. However, profit booking mainly by early adopters weakened the uptrend, resulting in a significant decline below a descending trendline resistance to $7.

As bulls and bears engaged in a tug-of-war to control the technical outlook of the token, Banana consolidated within a narrow range between support at $7 and resistance at $8.

BANANA price chart — BANANA/USD four-hour chart | Tradingview

The developments highlighted above ensured that BANANA remained an attractive investment. Moreover, investors could buy the token at roughly half the price at its all-time high (ATH), thus building the momentum ahead of the ongoing breakout.

Based on the Moving Average Convergence Divergence (MACD) indicator, Banana price is suitably positioned to keep the uptrend intact for gains above $10. However, bulls must first deal with the immediate resistance at the 100 Exponential Moving Average (EMA) (blue) and convert it into a support area.

The Relative Strength Index (RSI) reinforces the uptrend while lifting toward the overbought region. Traders might consider booking profits as the RSI becomes overbought above 70. For now, the path with the least resistance is to the upside.

Promising Banana Alternative – Memes Kombat

As Banana recovers, targeting the all-time high at $14, it might encounter delays at $10 and $12. Investors may thus want to seek exposure to a new meme token, Meme Kombat, promising a 10x return on investment after listing for public trading for the first time.

Meme Kombat is a new unique blockchain project that combines memes with competitive battle arenas. It taps the decentralized strength of Ethereum to create an entertaining gaming experience.

In Meme Kombat, players engage in battles with AI-animated characters inspired by popular internet memes using the core currency, $MK.

https://www.youtube.com/watch?v=V-i9AMjT1Io

Meme Kombat brings together a flurry of familiar meme characters, including Melody, Pepe, Shiba, Floki, Wojak, and more. The presale of Meme Kombat has already garnered substantial attention, raising over $267k ahead of its $1 million goal.

New presale i am bring some awareness too .. Legends at @Meme_Kombat who are an innovative new gaming platform designed for hardcore gamers.

– Doxxed team ✅
– $100,000 raised already ✅
– Passive staking ✅
– AD / NFA / DYOR ✅

– Presale link : https://t.co/TWAEnq5WG0
– TG :… pic.twitter.com/r6xtdbBmeX

— Crypto Tony (@CryptoTony__) September 28, 2023

After the presale is over, individuals can re-stake their tokens, claim their presale staking rewards, or take their tokens out of the staking pool if they prefer. Interestingly, they can also decide to use some of their tokens for betting, which is a major part of the Meme Kombat system.

Most Searched Crypto Launch - Pepe Unchained

Rating