Time for another token deep-dive.

This time, I'll break down $BANANA. Here's what you'll get in this post:

‣ Project & token background
‣ Tokenomics
‣ Current chart & technical indicators
‣ Potential trade setup

Disclaimer before we start: I am not related, affiliated, nor have any other connection to the project or token. This is a neutral, unbiased analysis to provide insights on the potential trade opportunity.

Alright, let's dive in!

About Banana Gun

The project behind BANANA is all about advanced trading bots. The bots are currently available on Telegram and soon in a web app. The bots trade on Ethereum, Solana, Base, and Blast chains.

About the Token $BANANA

The token comes with an interesting set of utilities for its holder:

  • Voting on Proposals

  • Burn for Extra Bot Features

  • Exclusive Access to Private Holder Chat

  • Real Yield Distribution

Tokenomics (check the attachment)

Here’s the quick scoop on $BANANA:

  • Token Type: ERC-20

  • Initial Circulating Supply: 3.22M (36% of total supply)

  • Max Supply: 10M (8.9M Total Supply)

  • Airdrop Allocation: 9% reserved for HODLer rewards

Chart Breakdown

Here's everything you need to know about BANANA's current chart:

  • Clear (long-term) Uptrend following an ascending trendline since early 2024

  • Current Support Zone around $30-$40 (with some nice bounces)

  • Wedge Pattern that could suggest more upside if it breaks above resistance.

  • Overall, a classic bullish setup, ready to continue the uptrend.

Technical Indicators

Let's have a look at indicators before we dive into the trade setup:

🟢 Volume: Ever since its @binance launch, the volume has been consistently high.

🟢 EMA 200 Cross: $BANANA has just crossed above the EMA 200.

🟢 VMA Turned Green: Momentum indicator (VMA) flipped to bullish.

🟢 PSAR Flip: The PSAR has also turned bullish, indicating an upward momentum shift.

Trade Setup

Time to talk about the potential setup:

  • Entry Point: Wait for a break above $47 with confirmation on the daily chart.

  • Target 1: Set a small initial TP at $55.

  • Main Target: $75 — This is the big play if all goes well.

Summarized: $BANANA offers robust utility, an appealing chart + technical indicators lining up for a possible move. Therefore, the token is definitely worth watching.

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Recent hack: A few days ago (19th Sep), the project was hacked, and $3m was stolen. Overall, 11 users were affected. All of them were refunded. The chart absorbed the hack quite nicely. Moreover, they finally implemented measures such as two-factor authentication. Therefore, the hack does not change the above facts.