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Should You Buy Bytecoin (BCN) Saturday?

Saturday, September 24, 2022 03:12 PM | InvestorsObserver Analysts
Should You Buy Bytecoin (BCN) Saturday?

Bytecoin receives a weak short-term technical ranking of 12 from InvestorsObserver data analysis. The proprietary ranking system focuses on the recent trading patters over the past month to determine the strength of its short-term technicals. BCN has a superior recent technical analysis than 12% of coins based on these trading metrics. Investors primarily focused on shorter term investment strategies will find this technical analysis most relevant to their goals when determining whether to invest in a particular crypto.

Short-Term Technical - 12
InvestorsObserver is giving Bytecoin a 12 Short-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Bytecoin!

Trading Analysis

Bytecoin is $0.000008 (44.49%) higher than its 30-day low price of $0.000018709 while also -$0.000043 (-61.57%) lower than its high of $0.00007034 from the past month of trading. Meanwhile, BCN's current price of $0.000027034 is under its average price of $0.000035945 set over the past month of trading, leading to a weak short-term technical score. In summation, the recent trading history of Bytecoin suggest that traders are currently bearish on the coin.
BCN has a relatively low market cap for a coin with a total market value of $4,976,028.60. Bytecoin's relatively low market value comes as it sits under $100 million while the top 100 cryptos remain above $1 billion in market cap and the top 500 sit above $100 million. Bytecoin's average volume meanwhile is low with $132,496.69 worth of the coin traded over a typical 24 hour period. BCN's volume is relatively low as the most traded 100 cryptos typically have $100 million exchanged each day and smaller cryptos tend to sit under $5 million traded over 24 hours. As of the past 24 hours, BCN's volume is below its average with $17,059.57 exchanged. Bytecoin's subclass Digital Money: Digital Money is an asset, commodity, or currency intended to maintain value and liquidity over time so that it may be used the same way fiat currencies are used.

Summary

BCN's recent trading over the past month give it a weak short-term technical score as its recent price movement give traders reason to be more bearish on the coin in the short-term. Click Here to get the full Report on Bytecoin (BCN).

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