DC Forecasts Price Analysis: Bytecoin

Bytecoin showed some increasing movements by 7.50 percent in the past 24 hours and it’s now trading at $0.002498.

Bytecoin is mostly focused on bringing the crypto space a blockchain based on privacy and security that will enable users to make untraceable transactions. Bytecoin uses the CryptoNote protocol and the CryptoNight hash algorithm. It was created in 2012 and it was created to use ring signatures to provide the users a level of anonymity as all transactions are mixed and untraceable.

Bytecoin is now ranked at the 26^th place in terms of market cap and has a market cap value of $459,636,564. From a long-term perspective, we can see that the price went through 2 great bullish runs in the period of 12 months. The first one began from a really low point at $0.000927 last year and continued to rise until January this year reaching $0.017192 which is a price increase of more than 1.600%. Right after this stunning rise, the price rapidly declined for three straight months until the second Bull Run. The second bullish run started at a low point of $0.002081 on April this year then reached an all-time high of $0.0208 in May this year.

At the end of May, the price rolled down to $0.005523 and continued falling until June. After the market succeeded to rebound, the price also managed to slightly rebound as well. If the market continues a higher movement towards the upper boundary range we can expect some more resistance from the cryptocurrency. Any bearish pressure that happens on the market is expected to be absorbed and if the price action doesn’t go below, we can expect support to be located at the 1.
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414 Fibonacci Extension Level.