BankrCoin (BNKR) has shown significant growth after being listed on the Coinbase platform. This growth, however, is accompanied by potential signs of correction.
BankrCoin’s Growth After Coinbase Listing
BankrCoin (BNKR) jumped over 60% following its confirmed listing on Coinbase's Base network on July 30. According to data from CoinGecko, the token reached an all-time high of $0.00094, before settling at $0.00078. The market cap of the token was reported at $78.3 million, with daily trading volume hitting $33.1 million.
Chart Analysis and BNKR Growth Predictions
On the daily chart, BNKR has formed a rising broadening wedge pattern. The token broke above the upper boundary of this wedge, suggesting further growth potential. If BNKR successfully retests the breakout level of $0.00071, it could confirm an upward trend towards a price target of $0.00113.
Potential Market Correction and Its Implications
Despite the current surge, there are cautionary signs indicating a potential short-term correction. Exchange balances for BNKR increased by 70%, signaling traders may be ready to secure profits. Additionally, the Relative Strength Index (RSI) has reached a level of 75, which often precedes corrections.
The BNKR cryptocurrency exhibits volatility and potential growth, but there is also a risk of short-term correction. Investors should closely monitor market indicators.
