Amongst many open-source blockchain networks in the global crypto market, Siacoin is a minable Proof of Work-based platform that extends low-cost solutions for cloud storage, offering encryption and distribution of files to be stored by users across a decentralized network of peers.
On the price front, the SC coin is facing a lack of traction due to market crash and lack of active supports on the downside. The price plummets after a higher high pattern and with a negative start to the ongoing month against the US Dollar and currently trades below $0.0035.
Siacoin Price Analysis
Siacoin draws an uptrend after the massive sell-off in March, and it was until the last week of the previous month when the coin started losing momentum. After the recent higher high around $0.0050, the coin plummeted with a complete bearish dip and tested support as low as $0.0030 yesterday.
In this regard, after having nosedived from $0.0035, the SC coin lost support from 50-day daily MA at a 24-hour chart and led to touch the lower Bollinger Band. The coin is still retaining complete support from MA200 at $0.00257, and it lacks active support at $0.0030. It is likely to retrace 200-day MA too.
Moreover, the Bollinger Bands are seen moderately widening, and therefore, we expect amplifying volatility. The signal line is seen crossing above the MACD line due to major intraday correction on the 24-hour chart. The RSI of Siacoin is seen nosediving towards the support level and lie at 42.23.