Telegram Coin Banana Gun (BANANA) is approaching a new all-time high (ATH).
Based on broader market signals, the altcoin appears to be poised for a fall.
Banana gun fires a shot
BANANA’s price is rising thanks to the Chaikin Money Flow (CMF) indicator, which shows a noticeable increase in outflows. This pattern suggests that despite the ongoing rally, significant capital is leaving the market.
However, this outflow trend does not necessarily mean that the rally will end soon. Instead, it indicates that strong fundamentals may support the current upward momentum and the rally may continue for some time.
Moreover, BANANA’s correlation with Bitcoin has recently turned positive. This shift is significant because it implies that BANANA and Bitcoin are now moving in tandem.
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When assets show a positive correlation, it means that when the price of one asset rises, the other is likely to rise as well. In this case, as Bitcoin continues its upward trend, BANANA is expected to follow suit, benefiting from Bitcoin’s recovery.
Given the positive correlation between BANANA and Bitcoin, BANANA could benefit from Bitcoin’s ongoing recovery. With Bitcoin recently surpassing $66,000, it sets a strong precedent for other cryptocurrencies.
Using this momentum, BANANA could see significant gains as it mirrors Bitcoin’s performance. Investors in BANANA may find this correlation promising as it suggests potential upside opportunities related to Bitcoin’s success.
BANANA Price Forecast: New ATH in Sight
BANANA price at $57 is close to forming a new all-time high as the previous one is $62. Telegram Coin should be open to the other side and a setback could keep it at $62. This outcome is expected to be bullish.
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However, if the breakout fails and Telegram coin fails to grow further, a drawdown against market signals is likely. The decline may lead to a fall below the support of $54$54 and $47$47, which will lead to a sideways movement.
