Bytecoin continues to climb in the market this week, as the recently overlooked privacy coin racks up a hair-raising 56.25% gain against BTC over the past 7 days.
According to the Bytecoin website, their Binance listing is currently in progress after months of community petitions and pleas to see the coin added to the world’s biggest digital currency exchange.
This could be the answer for the sudden surge in support, with over 70% of all BCN trades currently taking place on the HitBTC exchange as the early birds flock together to buy up cheap positions in anticipation of big news.
BCN In The Longer Term
Looking into the 1D chart we can see a consolidating bullish pennant pattern take shape, with lower highs and lower lows pinching into a breakout area around 40 Sats.
Judging by the sloping resistance line we can predict this latest bull run to peak somewhere in the region of 70 Sats before we expect bearish opposition and profit taking. This would deliver a further 40.45% gain from the current BCN price of 50 Sats.
From there, we’d hope to see the price action continue to oscillate between 40 and 60 Sats as it reaches consolidation in early May time.
My price target for the breakout would be set at 100 Sats where the asset would undoubtedly meet strong selling pressure from auto-trades and profit taking.
This climb would see a gain of 152.48% from the bottom of 40 Sats, which is not too dissimilar to the surging gains we witnessed during Bytecoin’s last big bull run back in January.
BCN In The Short Term
Things are looking pretty good for the current uptrend, with MACD breaking above the signal line with bullishly separated moving averages.
The Ichimoku indicator is also beginning to favour the current uptrend, with a bullish twisting Senkou cloud projecting a support ahead of the price action at 40 Sats and rising. The price action is also bullishly breaking above the kumo (cloud), with further confirmation arising from the Tenkan-Sen crossing above the Kijun Sen line.
RSI is currently showing the asset as overbought, with momentum starting to retrace back inside the channel - expect a slight sell off, maybe down to the softer support at 48 Sats, before the uptrend continues again.
The biggest confirmation of a continuing breakout comes from a recent golden cross from the 50/200EMA on the 4hr BCN/BTC chart. This is the big buy signal for most risk-conscious traders as market sentiment is looking great for Bytecoin at the present time.
Bytecoin (BCN) Price Prediction
Taking into consideration the short term indicators, I think we could easily see Bytecoin hit the early resistance at 60 Sats over the next few days provided the market doesn’t stray too far away from the current trend. At the moment we can see some slight selling pressure at 55 Sats but it should be easily overcome with continued support.
With regards to the longer term consolidating pattern, we could see the breakout begin much sooner if the market continues to swell as it has been over the past week, with investment flooding back in after the 2 month drought. There’s potential for the price to correct much higher around 60 Sats after hitting the peak at 70, with the price rebounding beyond the pennant pattern from there.
It’s also worth noting that with Bytecoin currently valued at $0.003, it’s by far the cheapest privacy coin on the market which makes it an attractive asset for new investors who might be looking to buy into the market for the first time with a small initial investment.
This article appeared first on Cryptovest
