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AltcoinPrice Analysis

Siacoin (SC): Price Analysis, Jan.08

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Siacoin Price Analysis – SC/USD

SC/USD

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The 47th largest cryptocurrency – Siacoin (SC) with its current market cap stands at the level of $106,463,416 (10:50 UTC) on January 08 dramatically increased in value by 26.8% relative to December 14 as analyzed from the graph above. The altcoin is believed to have created the ‘bullish pattern’ as it remained ‘uptrend’ from December 19 to December 25 as analyzed from the graph above. The story is not confined up to here, as the SC/USD pair is to create ‘uptrend’ in value very soon!

Since both moving averages have significantly declined representing a negative sign, with this, 20-day EMA shows that the bears have the upper hands as the SC remains in a bearish trend for some time until the next “uptrend” takes place. However, the SC/USD pair may start trading and creating ‘uptrend’ soon, as currently both – the 20-day EMA and current value are adjacent as interpreted from the graph. Traders and all those community users that are long awaited to invest in this asset may create the long position to the extent that the next ‘uptrend’ takes place!

Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The SC remained range bound from September 17 to October 15 last year, as the cryptocurrency rallied from a low of $0.0051 to a high of $0.0079 which is a 54.9 percent return within 28 days.

If bulls succeed in rising and sustaining above the current resistance level of $0.0027 (11:32 UTC) and creates “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.0030.

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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