Banana Rebounds From $7.8 Support As Traders Stream In

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Banana (BANANA) price is up 2% over the last 24 hours to $9.89 amid increased interest in meme coins and other newly launched tokens. The mundane price action seen with prominent cryptos like Bitcoin and Ethereum is forcing traders into altcoins with promising price pumps amid FOMO.

Bitcoin’s spot trading volume, according to on-chain data analytics platform CryptoQuant, has fallen to a six-year low. Traders and investors are currently “more interested in holding their coins, believing in their future value than selling at the first sign of profit.”

Banana Price On The Move As Uptrend Steadies

The shift from popular cryptocurrencies to newly listed meme coins like Banana speaks volumes about the view traders have on meme coins. Unlike older meme coins such as Shiba Inu (SHIB) which launched with trillions of tokens, Banana has a maximum supply of 10 million. The relatively small maximum supply predisposes Banana to future rallies even with a slight increase in demand.

Banana was first listed on Poloniex exchange following a successful presale and started trading at $0.702 before exploding to $14. The surge attracted profit booking activities, resulting in a correction to $7.8 on September 22.

A near oversold Relative Strength Index (RSI) as seen on the two-hour chart called on traders to buy more of the token leading to a rebound that briefly brushed shoulders with $12. Banana currently holds above confluence support formed by the 50 Exponential Moving Average (EMA) (red) and the 100 EMA (blue) at $9.427.

Holding above this support would be crucial for the continuation of the uptrend otherwise, investors may be forced to acclimatize for another sweep at the $7.8 support.

banana price chart — BANANA/USD two-hour chart | Tradingview

The Moving Average Convergence Divergence (MACD) indicator upholds the positive outlook. More traders are expected to increase exposure to BANANA longs as the blue MACD line flips above the red signal line and continues to build momentum for the next breakout above the immediate and stubborn resistance at $10.

The RSI has also formed a bullish divergence with the price, suggesting that BANANA has the strength topple the seller congestion and climb to a new all-time high above $14.

Key Factors Supporting Banana Price Bullish Outlook

Apart from the increased attention from traders, the team behind Banana is doing incredibly well in building a vibrant community. After the token’s debut on Poloniex, BANANA has been listed on the decentralized exchange Uniswap, thus stirring up trading volumes.

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

DefiLlama, one of the leading platforms tracking activities in the decentralized finance (DeFi) sector has also listed the project but currently tracking only its fees. The team believes this is a significant step and pays the way for a full listing in the near future.

A lot of turmoil has taken place, but some positive things happened as well!@DefiLlama listed us under 'services'. Now just with fees, hopefully soon with our token data as well.

Thank you @0xngmi and team!https://t.co/YLQalMJNU5 pic.twitter.com/JjHsyFSwUq

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

The Banana ecosystem is all about revenue sharing, which is distributed to all holders of the token. According to a post on X, the revenue share is calculated every two hours. Rules have been put in place to ensure the revenue-sharing mechanism is fair to all, including forfeiture of revenue when a user sells their holdings.

“Banana designed a revenue sharing model that aligns user incentives with protocol growth, which can strengthen $BANANA‘s utility and value over time.” @arndxt_xo, a user on X shared a review of the program adding. “Revenue sharing encourages holding – Users are incentivized to hold $BANANA tokens long-term to earn passive income from the revenue share program. This could reduce selling pressure.”

BANANA holders have been encouraged to store their tokens on-chain to be eligible for the revenue-sharing program. Otherwise, they risk missing out as most centralized exchanges (CEXs) will not share revenue with their clients.

REVENUE SHARE

Time to tell you more about this. In this post we'll walk you through all the dynamics.

Mechanics
– You only have to hold $BANANA. Every two hours revenue share is calculated
– If you sell/sold all of your $BANANA you forfeit your revenue share
– You will need to… pic.twitter.com/FX0WdNgzKF

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

Promising Banana Alternative To Buy – Bitcoin BSC

Investors also risk missing out if they don’t check out Bitcoin BSC, a version of Bitcoin (BTC) but executing on the BNB Smart Chain to ensure investors enjoy all the perks of holding Bitcoin without the limitations of the original network.

Investors who missed the early days of Bitcoin would be happy to learn that they can go back in time and start buying it again. The team has been simulating Bitcoin’s history since 2011.

The upside of using Bitcoin on the BNB Smart Chain is that transaction speeds are faster, block confirmation is completed in five seconds, and the ability to stake coins to earn passively through BTCBSC tokens.

BTCBSC is being introduced into the market via a presale at $0.99 per coin. Although with a maximum supply of 21 million coins, only 29% are distributed during the presale, with the remaining 14,455,000 saved for staking rewards.

The team has so far raised $5.8 million out of the expected $6,063,750. Therefore, investors should hurry to get a piece of the cake before the presale closes and gives way for listing on exchanges.

Smog (SMOG) - Meme Coin With Rewards

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