The BANANA is currently trending around $8.28, after a massive 35% surge within the last 24 hours, indicating a strong momentum-based movement. Price has broken out swiftly from the recent zone of consolidation, moving above the earlier resistances around $6.50 to $6.80, with increased participant volume.
The pattern dominated by the bears has reversed in favor of the bulls as higher highs and higher lows are set in the short-term chart. The region of $7.20 to $7.40 has begun to operate as the first level of support. As long as this level is respected, the path of least resistance will remain higher.
On the flip side, the next resistance is expected near the psychological zone of $9.00, and then in the zone of $9.80 to $10.00, where seller entry may start. The momentum is overbought after the vertical motion, making it likely to witness short-term halts and slight turnarounds rather than a reversal.
In total, BANANA is still in a strong bullish cycle, as Trend strength is intact while staying above previously reclaimed levels of support. The current short-term volatility is bound to remain high after such quick movements, though any dip towards support is considered accumulation rather than distribution.
$BANANA #banana