Telegram bot tokens had an equally tough day as the crypto market downturn weighed on their prices.
These bearish sentiments are being reinforced by skeptical investors who decided to sell their holdings expecting a profit but ended up suffering losses.
Losses of banana gun owners
The price of BANANA is currently at a multi-month low and continues to fall due to the lack of bullish sentiment among Telegram Bot token investors. By the end of July, panicked investors tried to get rid of their holdings, which led to significant turbulence in the market.
This rush to sell resulted in unprecedented losses for the Banana Gun token, marking a historic decline for the asset. The massive sell-off resulted in the Telegram Bot token suffering the largest losses it has ever seen. The intense market reaction reflects the depth of investor panic during this period.
Read more: What are Telegram Bot Coins?
As a result, BANANA is now significantly oversold. This oversold state is highlighted by the relative strength index (RSI), which indicates that the token is extremely undervalued.
This oversold status of BANANA is only the second time since the token was created. This rare event highlights the severity of the current market conditions for Banana Gun.
BANANA Price Forecast: Little Chance of Recovery
BANANA’s $30 price is surprisingly holding above the critical $26 support level. This level has been tested several times and has not allowed a drop below $25 for over five months.
This gives BANANA a chance to bounce back from this support. However, given the above factors and the Telegram Bot token’s 58% drop over the past two weeks, the recovery may take some time.
Read more: Telegram Cryptocurrency Groups to Merge in 2024
If demand outweighs pessimism, BANANA price may attempt to break through the resistance at $36. A successful breakout would negate the bearish thesis.
