Price Analysis

Siacoin (SC): Price Analysis, Feb.08

Siacoin Price Analysis – SC/USD


The 48th largest cryptocurrency – Siacoin with its current market cap traded at $87,779,067 (11:38 UTC) on February 08 dipped in current value by 27.27% compared to December 24 as analyzed from the graph above. The strong bearish pressure and competitive forces are believed to have caused a dropped in value.

However, the SC/USD pair remained ‘uptrend’ from December 19 to December 25 as interpreted from the graph above which signifies the bullish trend.

Since both the moving averages have declined since October 28 last year thereby creating downward pressure over the value as interpreted through the line in the graph above. Since current value trades below the 20-day EMA, which signifies ‘downtrend’ in value. Amid this SC shows that the bears have the upper hands as the SC/USD pair remains in bearish trends for some time until the next “uptrend” takes place. Traders should remain on the sideline until the next ‘uptrend’ takes place.

Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The SC/USD pair remained range bound from December 14 to December 24 last year, as the cryptocurrency rallied from a low of $0.002211 to a high of $0.00340 which is a 53.7 percent return within ten days.

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Siacoin Price Analysis

As we can quickly analyze from the graph above that the MCap trades $87,779,067 (11:38 UTC) on February 08 with the Price (BTC) 0.00000065 and Price (USD) 0.002227, 24h Volume 2,117,932 USD (11:41 UTC).

As we can estimate from the graph above the Price, BTC traded all-time high on January 23 above all – MCap and Price USD which signifies that this altcoin is poised to offer the best return to all those that have invested.

While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.002378 (11:53 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its amount. However, based on the current trend, the next support level could be $0.0025.

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at [email protected] to discuss anything related to his reports.
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