Siacoin Price Analysis – SC/USD
The 46th largest cryptocurrency by market cap, Siacoin experienced descending bottom since October 15 as analyzed from the graph above. The current value declined by 64% compared to October 08. With this, the current market cap stands at the level of $110,508,565 on December 05, 03:52 UTC by CoinMarketCap. Since both moving averages have declined continuously which is a negative sign. As the falling 20-day EMA represent the “downtrend” and show that the bears have the upper hand. Amid this, the SC/USD pair remains in a bearish trend for the near future until the current value traded above EMA.
Let us not forget that the strong bearish pressure and competitive factors have successfully caused a dropped in current value by making it the lowest low of the day before exhaustion set in. As we can analyze the current scenario towards the crypto market where almost most of the cryptocurrencies declined significantly since attaining their all-time high, there are no bullish patterns that suggest a buy; hence, it is best to remain on the sidelines. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it.
Besides analyzing the current trends, the SC/USD pair remained range bound from September 13 to October 04 this year where this cryptocurrency rallied from a low of $0.0052 to a high of $0.0082 which is a 57.6 percent return within 21 days. Also note that after the SC stayed in the range of $0.0060-$0.0080 for mid-October to mid-November, almost 30 days, the bears broke below it since November 14. The break-down had a lower target of $0.0040. However, if the bulls succeed in rising and sustaining above the current resistance and the level of $0.0040, the uptrend may likely. Based on the current scenario, the next support level can be estimated at $0.0029.