Banana Gun — More Downside Potential?
I felt some excitement when Banana's support level at $58 was held twice, and the token bounced nicely. As mentioned in other posts, I've been waiting for a clear break of the next resistance at 65 to elaborate an entry.
Unfortunately, the second bounce from the support level already delivered a lower high. Therefore, the chances of going lower increased.
And that's exactly what happened. At the third test, the support level broke, and Banana dropped to the next support level at $52. However, so far, there have been no clear reversal signs. On the contrary, a drop to lower levels (45) is even more likely.
Regarding a trade setup, I definitely removed the token from the monitoring list. The bears are absolutely in control right now, and I would be surprised if we had already reached the bottom.
Unfortunately, the second bounce from the support level already delivered a lower high. Therefore, the chances of going lower increased.
And that's exactly what happened. At the third test, the support level broke, and Banana dropped to the next support level at $52. However, so far, there have been no clear reversal signs. On the contrary, a drop to lower levels (45) is even more likely.
Regarding a trade setup, I definitely removed the token from the monitoring list. The bears are absolutely in control right now, and I would be surprised if we had already reached the bottom.
I'm Ben. Crypto lover, trader, and coder.
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