BANANAUSDT.P Could the token unlock trigger a price downturn?Hello dear readers,
It’s great to be here again, sharing ideas with you and learning together.
Today, we're looking at **BANANA**, a Telegram bot where you can manually buy and snipe tokens on Ethereum. On **November 8th**, there will be a token unlock—could this event trigger a price drop? We’ll have to wait and see.
For now, let’s analyse the chart for some technical insights. First, we see the **0.5 Fibonacci level** acting as support, with two reversed hammer candles—one from November 3rd and one from November 4th—holding at this level. This could be indicating a developing situation, though it’s still uncertain. Next, we’re monitoring the **50 and 100 MAs**, with price hovering between them, seemingly undecided on a direction. Volume is stable at the moment, neither increasing nor decreasing significantly.
So, what can we extract from all this? Should we decide now, or wait for the daily close to confirm our analysis? Personally, I prefer to wait for the daily close before taking action. However, if you’re more of an intraday trader, feel free to ask me about smaller time frames.
Stay tuned and trade safe!
