KEY TAKEAWAYS

• BANANAS31 fell by 91% the week after its all-time high price.

• The price found support and bounced over 40% in the past two days.

• Is the bounce merely a relief rally, or has BANANAS31 reached its bottom?

Bananas for Scale (BANANAS31) has drawn interest across the crypto community because of its recent price action.

Following a steep 91% drop from its all-time high, the memecoin bounced back sharply today, fueled partly by Binance adding a new trading pair to its spot exchange.

While price action remains choppy, online speculation is heating up. What comes next could be pivotal for BANANAS31’s long-term trajectory.

BANANAS31 Price Analysis

The BANANAS31 price history is highly unusual.

After gradually building momentum between March and June, BANANAS31 exploded, surging by 1,300% in two weeks.

The rally culminated with a new all-time high price of $0.073 on July 11.

While the increase was sudden, it paled in comparison to what was to come.

BANANAS31 fell by more than 90% in only a week, erasing its gains and returning to March levels.

The memecoin did not give up without a fight and has bounced by more than 40% in the past two days.

However, it is struggling to close above the first resistance level of $0.0088, an ominous sign for the future trend.

Moreover, momentum indicators have yet to begin moving. The Relative Strength Index (RSI) is below 50, and the Moving Average Convergence/Divergence (MACD) is negative.

Because of the weakness in price action and technical indicators, the daily time frame analysis suggests the BANANAS31 bounce is a relief rally rather than a full-blown bullish trend reversal.

Community Sentiment

While the BANANAS31 price prediction is bearish, the X community is still buzzing about its potential price action.

PitebiBTC believes BANANAS31 will pump soon since whales have not distributed all their coins yet and are preparing another pump-and-dump scheme.

Crypto Hunters tweeted a descending wedge breakout with a target of $0.013, allowing the price to surge for another 40%.

ERROR believes the BANANAS31 rally is a dead cat bounce, but the coin can reach $0.015 before falling again.

The conclusion from the posts is that even though the X community has an outsized interest in BANANAS31 considering that it is a small memecoin, most predict a dead cat bounce before new lows.

Mixed Signals

BANANAS31 has shown resilience with a recent 40% rebound, but technical indicators and the price action cast doubt on a sustained recovery.

The consensus on X suggests caution, with many labeling this rally a potential dead cat bounce.

Unless momentum picks up, BANANAS31 could fall again before any real trend reversal occurs.