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The Banana For Scale price soared over 71% in the last 24 hours to trade at $0.004276 as of 6:11 a.m. EST as traders go long on the meme coin.
With the recent surge in the BANANAS31 price, the crypto has emerged as the top 24-hour performer in the meme coin market, according to CoinGecko.
The sharp increase in the altcoin’s price comes after leading crypto exchange Binance announced the addition of multiple USD-margined perpetual contracts for its futures platform, including for BANANAS31.
Banana For Scale Price Trying To Flip Resistance
4-hour chart for BANANAS31/USD (Source: GeckoTerminal)
The Banana For Scale price is attempting to overcome the resistance level at $0.004037, data from GeckoTerminal shows. Should the crypto close a 4-hour candle above this technical barrier within the next 24 hours, it might have the foundation needed to try and flip the next resistance at $0.004496 into support and potentially rise even higher.
On the other hand, a rejection from the $0.004037 resistance could lead to a more bearish scenario playing out for the Banana For Scale price.
In this alternative case, the meme coin might end up testing the closest support level at $0.003602. Continued pressure from sellers might then lead to a drop below the $0.003212 support to as low as $0.002707.
Bulls Still Have A Tight Grip On The Banana For Scale Price
From a technical standpoint, indicators on the crypto’s 4-hour chart suggest the Banana For Scale price might continue rising in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.
In the last couple of hours, RSI readings have soared from the neutral 50 level to above 80 to signal strong buyer strength. Normally, high RSI values are a precursor to a correction, because they suggest that a crypto’s downside potential is greater than its upside potential.
However, there are instances when RSI readings remain high for sustained periods of time, usually when a crypto is pumping. The positive slope of the RSI on the 4-hour chart suggests that this may be the case for the Banana For Scale price in this instance.
Meanwhile, the MACD line has broken away above the MACD Signal line in the last 24 hours. This could be seen as an indication that the meme coin is in a positive trend and that its bullish momentum shows no signs of slowing down just yet.
As the Banana For Scale price attempts to keep its bullish move going, traders are flocking to a new meme coin rival called BTC Bull Token (BTCBULL).
According to YouTuber Alessandro De Crypto, who has over 14.4K subscribers, the new altcoin could print massive gains for investors.
Offering Token Holders Free Bitcoin
BTC Bull Token is a Bitcoin-inspired meme coin. Its primary goal is to support the largest crypto by market on its journey to $1 million per coin and beyond.
To incentivize investors to buy into BTC and its own BTCBULL token, the project will reward its holders with free Bitcoin via airdrops and BTCBULL token burns as BTC soars to new heights.
According to the project’s website, these rewards will be distributed when Bitcoin hits certain price milestones. The next BTC airdrops will be when Bitcoin hits $150K and $200K for the first time.
Meanwhile, BTCBULL tokens will be permanently removed from the supply when Bitcoin reaches $125K for the first time, with subsequent token burns for every $25K increase in the BTC price.
By making BTCBULL more scarce through burns, the project creates the possibility of a skewed supply and demand ratio that could result in a BTCBULL price surge.
Investors Flock To BTCBULL’s Presale
Investors are rushing to buy BTCBULL during its ongoing presale, which has already raised over $3.8 million.
Interested investors can get their hands on some BTCBULL via the simple buy widget embedded on the project’s website using either crypto or bank card.
After purchasing some BTCBULL, investors can also stake their tokens for a huge 111% annual return.
To lock in the best presale rate, investors will want to act fast given the token’s price will increase as its presale progresses.
The next ICO price hike will be in less than 2 days.
Check out BTCBULL on its official website.
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