So far, BANANA has performed almost exactly as we predicted two days ago. As expected, the token bounced off the ~55 area. Moreover, it initiated a nice recovery back to the level of $65.
At this point, BANANA faces a horizontal and (short-term) downtrend resistance. Unsurprisingly, the first attempt to jump above 65 was rejected.
Nevertheless, the volume has been strong during the recovery, showing that buyers want to push BANANA higher.
Currently, I would wait for a break of $65 level and confirmation on the daily timeframe. If this happens, a long trade could become interesting.
Overall, the price action looks like profit-taking after the latest listing. However, since the long-term uptrend didn't break, we can assume ongoing positive momentum.
At this point, BANANA faces a horizontal and (short-term) downtrend resistance. Unsurprisingly, the first attempt to jump above 65 was rejected.
Nevertheless, the volume has been strong during the recovery, showing that buyers want to push BANANA higher.
Currently, I would wait for a break of $65 level and confirmation on the daily timeframe. If this happens, a long trade could become interesting.
Overall, the price action looks like profit-taking after the latest listing. However, since the long-term uptrend didn't break, we can assume ongoing positive momentum.
I'm Ben. Crypto lover, trader, and coder.
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I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.