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The Banana Gun price surged over 42% in the last 24 hours to trade at $15.71 as of 10:21 p.m. EST as investors rush to buy the altcoin.
With the strong 24-hour rise, the BANANA price has managed to push its weekly performance into the green zone. As a result, the crypto is up 7% over the past 7 days.
Banana Gun Price Retraces
4-hour chart for BANANA/USD (Source: GeckoTerminal)
The Banana Gun price underwent a correction in the last couple of hours as traders likely realized their profits from the recent surge, data from GeckoTerminal shows. As a result, the crypto is now testing the support level at $15.25. Should it drop below this technical safety net within the next 12 hours, it could be at risk of plunging to the subsequent support at $13.29.
However, traders identifying the Banana Gun price’s current level as a buy opportunity could result in a more bullish scenario playing out in the short term. BANANA might then try to recover back above the $17.42 mark after falling below this price point in the recent correction. A 4-hour candle close above this level could then lead to the Banana Gun price rising to $19.27.
Technicals Warn The Banana Gun Price Correction Is Not Over Yet
From a technical standpoint, indicators on the crypto’s 4-hour chart warn the Banana Gun price has reached a peak. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing early bearish signs.
That’s after RSI readings dropped from overbought territory above 70 to the low 60s. Generally, falling RSI readings are interpreted as a sign of diminishing buyer strength. With the negative slope of the RSI line, it seems that sellers are still accumulating strength against buyers.
Meanwhile, the MACD line has started to collapse towards the MACD Signal line in the last couple of hours. While the positioning of the former above the latter is bullish, the shrinking margin between the two lines warns that BANANA’s bullish phase might be approaching its end.
While the Banana Gun price starts to pullback, investors are FOMO buying a new meme coin called Meme Index (MEMEX) before it’s too late. 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says the meme coin has the potential to be the next 100X crypto.
Offering Investors Diversified Meme Coin Exposure
Meme Index introduces the first-ever crypto investment baskets, or indexes, specifically for meme coins. With the hype around meme coins in recent weeks, the market has seen an influx of new tokens being launched by developers looking to make a profit. This has made it near impossible for investors to find the next crypto gem.
Additionally, the popularity of meme coins has led to the re-emergence of scammers who have stolen substantial amounts of money from investors through rug-pulls.
With the meme coin investment landscape now tricky to navigate, investors will surely turn to Meme Index for simpler and safer meme coin investing.
The project’s baskets, which are Meme Titan, Moonshot, Midcap, and Meme Frenzy, feature different meme coins that are grouped according to their perceived level of investment risk. The safest option is the Meme Titan index, while the highest-risk Meme Frenzy focuses on emerging tokens with high growth potential but also with extreme volatility.
By simply purchasing MEMEX tokens, investors unlock access to the project’s baskets. This essentially allows them to gain exposure to multiple meme coins through just one crypto. Additionally, MEMEX holders get to vote on which meme coins get added to each index as well.
Investors Have Last Chance To Buy MEMEX In Presale
Meme Index has been a hit with investors during its presale stage, which has seen the project raise over $3.9 million so far. This figure will likely soon pass the $4 million mark, given the 572% APY on offer to anyone that buys and stakes MEMEX now.
Meme Index’s presale is also in its final stage, which could lead to an uptick in buying activity from investors that don’t want to miss out. With just over 19 days left, investors have one last chance to buy before the project debuts in the open market.
Anyone interested in buying MEMEX can do so through the widget embedded on the homepage of the project’s website. Selling for $0.0166883, MEMEX can be bought with either ETH, USDT, BNB or bank card.
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