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Bytecoin Price Prediction – Will BCN Hit $0.001 Soon?

Bytecoin Price Prediction 2021 – Will BCN Hit $0.001 Soon
  • Bullish BCN price prediction ranges from $0.00053 to $0.00095.
  • The BCN price might also reach $0.001 soon.
  • BCN bearish market price prediction for 2021 is $0.00035.

This BCN Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our BCN  price analysis and prediction.

Among the cryptocurrencies that are rallying this year, BCN is perhaps one of the most surprising for some. It is not directly related to Bitcoin, nor is it the most hyped cryptocurrency today. But for those that are aware, BCN has been around since 2012.

Can BCN reach $0.001 in 2021? We will find out shortly. But before we proceed to our BCN analysis, let us first answer the question “What is BCN?” in this BCN prediction 2021 article.

What is Bytecoin (BCN)?

Bytecoin (BCN) is described as a private, decentralized digital currency with an open-source code. Moreover, BCN was launched in 2012. More so, the main aim of the project is to facilitate fast, anonymous, and untraceable transactions. Bytecoin is the first project to implement CryptoNote technology. In addition, its security reportedly comes from utilizing ring signatures to protect the identity of sender’s and unlinkable addresses to protect blockchain analysis.

Added to this, Bytecoin contains a block time of 2 minutes and adaptive parameters that are created to make it easy to mine. Bytecoin technologies recent additions include Auditable wallets, which enables secure, publicly observable deposits, and Blockchain Gateways, a means of connecting blockchain of Bytecoin with other blockchains.

Now that we are clear about BCN do you think BCN will be beneficial crypto in 2021? Join me and let us see the charts in this BCN price analysis and BCN price prediction.

Bytecoin Current Market Status

As of the time of writing this BCN price analysis, BCN trades at $0.0003 with a 24-hour trading volume of $83,880. The price of BCN has increased by 5.77% in the last 24 hours.

Furthermore, BCN has a current circulating supply of 184.07B BCN. Currently, the top cryptocurrency exchanges for BCN are HitBTC, Gate.io, Poloniex, CoinEx, and STEX.

Now, let’s proceed to the next part of this BCN technical analysis for 2021.

Bytecoin Price Analysis 2021

Currently, BCN holds 231st place on CoinMarketCap. But will the latest upgrades, development, and changes in the BCN blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this BCN price prediction article.

BCN USDT chart showing Descending Triangle pattern
BCN/USDT chart showing Descending Triangle pattern (Source: TradingView)

In the chart above, which is set in a daily time frame, we can see the Descending Triangle pattern. This is an important indicator since BCN has been showing bearish over the past month. Consequently, the descending triangle pattern hints that BCN will finally go bearish

In the foreseeable future, we can say that BCN has a higher chance of going bearish than bullish. As shown above, at the beginning of this month, BCN turned from its bear to bull trend. This is the result of the high trade volume that happened in that period.

BCN Relative Strength Index
BCN Relative Strength Index (Source: TradingView)

The Relative Strength Index (RSI) is above 52, which means that BCN is in a neither overbought nor oversold state. With this traders need to stay cautious while trading, turning away from further losses.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of BCN

BCN 30-day SMA and 50-day EMA (Source: TradingView)

Since the start of 2021, BCN’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, BCN has a competitive market this 2021.

Bytecoin Price Prediction 2021

The chart below shows that BCN has performed great over the past few days. Moreover, the BCN price shows a bullish trend. If this trend continues, BCN might run along with the bulls, overtaking its $0.00095 resistance level and move higher.

BCN USDT Price Chart
BCN/USDT Price Chart (Source: TradingView)

Conversely, if the investors turn towards the crypto, the bears might take over and push BCN from its uptrend position. In simpler terms, the price of BCN might plummet to almost $0.00035, a bearish signal.

Meanwhile, our long-term BCN price prediction for 2021 is bullish. It has a high possibility of reaching new heights. However, that will only happen if it breaks many past psychological resistances.

Conclusion

BCN has a bright future ahead of it in 2021. With the ongoing developments happening within the BCN ecosystem, as well as in the overall crypto market, we may see BCN reach new heights.

Bullish BCN price prediction 2021 is $0.001. As said above, it may even reach its new ATH if investors have decided that BCN is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

What is BCN?

Bytecoin (BCN) is a decentralized CryptoNote based cryptocurrency launched in July 2012. Moreover, the main aim of the project is to facilitate fast, anonymous, and untraceable transactions.

How to Buy BCN Tokens?

Users can obtain BCN tokens by purchasing them from cryptocurrency exchanges such as HitBTC, Gate.io, Poloniex, CoinEx, and STEX.

Will BCN Surpass its Current ATH?

BCN is a good investment in 2021. However, BCN has a high possibility of reaching new heights this year.

Can BCN reach $0.001 soon?

Yes, it’s very much possible that BCN might reach $0.001 in the near future as per the current bullish trend.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.