Why Did ByteNova (BYTE) Price Drop 74% After Its Exchange Listing

ByteNova Price Prediction After Listing: What’s Next for the BYTE?

ByteNova ($BYTE) has now gained entrance into the cryptocurrency market—is it able to recover from a severe post-listing crash, or is there more volatility in store? That’s the current main concern among investors.

BYTE, as it made its way through major exchanges like Bitget, KuCoin, MEXC, and XT.COM, was very much noticed due to its strong opening surge, and despite the initial excitement, the prices went down, triggering heavy profit booking and panic selling. Thus, the market is closely watching for the next move as prices are stabilizing near the support levels.

ByteNova Market Overview

BYTE was launched with a total supply of 1 billion tokens, with the circulating supply at the start being about 194.22 million tokens. This relatively small initial supply helped in making the market very volatile in the early days.

On the very first day, it was opened at around $0.052, went up to $0.0785, and then plummeted downwards very steeply. The token lost about 74% of its value in 24 hours, going down to approximately $0.0207, which was a lot worse than the wider crypto market.

The issue of token concentration still is a major concern, as almost 40% of the token supply is owned by only 10 wallets, which can lead to an increase in the short-term sell pressure risk.

Why Did BYTE Price Crash After Listing?

The decline in prices was steep and was caused by a combination of early profit booking and whale dominance. A lot of early players quickly realized gains just after the initial spike, which resulted in the formation of sell orders.

The chart from a technical viewpoint showed a standard post-listing distribution pattern, first followed by a descending channel. Such a formation not only indicates the continuous selling pressure but also that this pressure was not a result of a single liquidation event.

As the prices went down, the volatility went down gradually—in most cases, such a trend is taken as an indicator that the sellers’ power is running out.

BYTE Technical Analysis: Indications of Stabilization

At present, the price is stabilizing around the $0.020 area, which is a short-term demand zone. The price movement is comparable to the flat and slow candles with less volatility. 

Source: TradingView

The RSI is roughly in the mid-40 indicates neutral momentum, suggesting that the market is neither in a buying nor selling situation. This kind of price activity often gives the impression of a base building where the price is getting ready for the next directional move.

To put it simply, the token is resting for a while.

ByteNova (BYTE) Price Prediction: Short-Term Outlook

The present structure points out that BYTE might be in a stabilization phase following a long downtrend.

• Bullish Scenario:
  If BYTE manages to stay over $0.020 and the buying volume increases, then the breakout above the $0.022–$0.024 resistance could push the price up to $0.027–$0.030 quite soon.

• Bearish Scenario:
  In case the price does not hold above $0.020, then another liquidity sweep to $0.018-$0.015 will likely happen, where stronger accumulation can happen.

In summary, the short-term downside risk seems to be limited while a gradual bullish reversal is still possible if the market sentiment improves.