Trader Makes $1.5M Investment in $BANANA

A trader recently made headlines by spending 440 $ETH (approximately $1.5M) to acquire 21,183 $BANANA tokens at an average price of $71.14. This significant transaction occurred seven hours ago.

A trader spent 440 $ETH($1.5M) to buy 21,183 $BANANA at an average price of $71.14 7 hours ago.

This trader previously bought 18,803 $BANANA($235K) at $12.52 and sold at $26.26, making a profit of $258K!

Address:
0x02F6f73Ebd8D79003EE5d84fB642ca7695882D63 pic.twitter.com/8MJuoHKsjL

— Lookonchain (@lookonchain) July 19, 2024

The same trader had bought 18,803 $BANANA for $235K at $12.52 each and sold them at $26.26, resulting in a substantial profit of $258K. The trader’s wallet address is 0x02F6f73Ebd8D79003EE5d84fB642ca7695882D63.

Shortly after the trader’s purchase, bananagun-treasury.eth deposited 40,000 $BANANA, worth $2.78M, to Binance just 10 minutes ago.

bananagun-treasury.eth deposited 40,000 $BANANA($2.78M) to #Binance 10 minutes ago.https://t.co/DXwkFWrsbW pic.twitter.com/6YHGMo20mV

— Lookonchain (@lookonchain) July 19, 2024

How is BANANA Doing?

An in-depth analysis shows that the price has recently touched and slightly surpassed the upper Bollinger Band at 71.935, suggesting a potential overbought condition. This often indicates a possible pullback or consolidation in the near term. The middle band is around 59.988 and has been acting as a dynamic support level. The price has consistently used this line as a point of bounce. The lower band sits around 48.041, showing the potential range within which the price could fall if a downtrend starts.

4-hour BANANA/USDT Chart | Source: TradingView

On the other hand, we see that the CCI is at 96.550, which is in the positive territory and near the overbought zone (>100). This suggests that the market is currently bullish but approaching an overbought condition. The CCI values indicate the market is in an uptrend, but the proximity to the overbought zone suggests the potential for a pullback or consolidation.

Source