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BANANA Coin Rally Has Analysts Going Bonkers – Prediction: A $189 Target
The cryptocurrency market has been witnessing a surge in prices lately, and the latest news is about Banana Gun (BANANA), which has gone ballistic, sending analysts into a frenzy. As per recent updates, BANANA coin price has skyrocketed by over 82% since June 16, reaching a multi-week high of nearly $25.
According to industry experts, this rally is not without its reasons. With the crypto market experiencing a renewed sense of optimism and traders rushing in to grab a share of the action, it’s no surprise that BANANA coin price has responded so positively.
In fact, analysts are now predicting an even more explosive rise for the cryptocurrency, with some expecting it to hit $189. Yes, you read that right – $189! This staggering prediction comes on the back of a bullish technical setup that is clearly evident in the weekly chart.
As per this chart, Banana Gun has formed a textbook ascending triangle pattern. In simple terms, this means that buyer demand continues to rise unabated while seller resistance remains relatively fixed, creating a pattern where prices are consistently making higher highs and lower lows.
What does all of this mean? Well, for one, it means that the BANANA coin price is in the midst of an accumulation pattern. This type of pattern typically signifies increasing buyer aggression and weakening seller dominance at a fixed ceiling. In other words, we’re looking at a clear uptrend here – with no signs of slowing down anytime soon.
The math behind this prediction is quite simple really. The height of the ascending triangle, when added to the breakout level, would put us firmly in the vicinity of the $189 target.
While some might be quick to dismiss this as an outlandish claim, it’s essential to remember that we’re dealing with a cryptocurrency market that has defied all expectations so far. Just look at Bitcoin and Ethereum for instance – both have seen significant gains over recent months.
The most critical takeaway from the entire scenario is that BANANA coin price needs to hold the $21-$22 zone as a base of support. Failure to do so could potentially trigger profit-taking in the short term, leading to a correction.
As for now, however, it seems like the bears are getting increasingly nervous – and rightly so.
Source: coinchapter.com
