#BANANA IS STRICTLY FOLLOWING THE POSSIBLE HEAD AND SHOULDERS PATTERN? OR ANOTHER POSSIBLE PRICE ACTION IS POSSIBLE?
BANANA has stayed on top of the key levels 29.63-37.14 for a long time and this is the price range where it has done its markup's higher high and higher lows. What could the possible next price action for BANANA be?
We're going to discuss that today.
BANANA have surged highly before and after entering Binance's Futures and this is due to the fact that this token experienced a bottom last 2023 where many has experienced fear. The source of the motivation of its price surge is by the whales entering at its fear factor rather than panic selling. There are many who still don't understand how to enter at the market's deep fear level and would rather enter instead at its most hyped moments. Hence, it would be harder for everyone to anticipate a price surge for most tokens. This is normal since the crypto market is mostly unpredictable but understanding the nature of the crypto market becomes easier once you understand the concept of fear and greed. Right now, for every market swing that BTC does, BANANA is deeply affected causing market sentiment to shift from greed into fear real quick. Although, these are temporary which most would call as corrections with potential to short-term decline and for us, we call this as long-term corrections that are necessary for its potential growth for long-term prospects.
What are the purposes of the key levels its testing right now?
If you look at it this way, the prices from 16.46-36.84 are becoming the key levels where its most likely to have its new major supports. With a total of 7M circulating supply for this token. It has a tendency to continue finding higher prices in the near future for its new ATH. As of this year, we will continue observing where this token will stop and bring forth extreme demands causing for another markup to ensue. This analysis follows the curve of accumulation to markup that BANANA is basing upon and other possible scenarios may occur. Therefore, it's important to take note that there are still other factors in the market that may affect this token's possible next upward movement.
Stay wise, trade cautiously.