The privacy-focused Bytecoin (BCN) has had a week of ups and downs after the cryptocurrency wallet crashed last week after it was listed on Binance cryptocurrency exchange. Its case is that of resilience and determination amid all the negative criticism from the larger cryptocurrency industry. Immediately after the announcement of the listing, the DarkNet popular coin price spiked over 200% in 24 hours while its price achieved an all-time high of $0.018. The cryptocurrency is known for its CryptoNote technology which manages to keep its anonymity status among the best when it comes to privacy-focused coins.
However, the celebration was short-lived following a “crash” of the wallet due to high trading volume. The crypto community went up in arms calling Bytecoin (BCN) an outright scam and an incapable cryptocurrency. However, the team worked to restore the operations while at the same time they released an official statement:
“But it was possible for Binance users, and that’s the common situation for new coins which get a listing on Binance. We understand that some of you guys won’t believe us but this mixed with such a high degree of traffic is the reason the wallet is down right now.”
The team went ahead to apologize for the inconvenience saying:
“We’d like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues. We remained in silence until the moment we clearly understand the root of the problem because we want to be able to provide you with certain solutions, updates, and deadlines.”
At the moment Bytecoin (BCN) is among the biggest gainers in the top twenty cryptocurrencies by market capitalization. Binance cryptocurrency exchange and Poloniex exchange already resumed BCN deposits and withdrawals. While other exchanges like Hitbtc have asked to be allowed a few days to restore the activities for coin. CoinMarketCap also restored the listing on its website. Besides, the team has asked the users to update their wallets to the latest software. The communication was made via Twitter and it said:
“We would like to notify our community one more time that you should all download and update your desktop wallet to the latest software (http://goo.gl/eqvPwV ) V.3.0.4 (for merchants) and V.2.0.4 (for individuals) Have you updated your wallet yet?”
Bytecoin (BCN) Price Analysis
The cryptocurrency industry was highly bearish on Friday 11 last week. Bytecoin price is leading the upside correction that is returning to the market. BCN/USD is trading at $0.011 while it has made an intraday high of $0.012. The upside movement was initiated around $0.009, opening the door for more upside corrections, breaking above key resistance areas at $0.01, $0.011 and $0.012. The upside, has, however, been capped at $0.013, but the buyers have their eyes on $0.015 towards the all-time high above $0.018.
On the downside, a short-term support has been formed at $0.0107 while the MACD is pointing souths to signal that the sellers have the upper hand in the near-term. The 100 SMA has crossed above the 50 SMA, which could also signal for more selling entries. Further down, other support areas include $0.010 and $0.009 respectively.