Siacoin Price Analysis – SC/USD
The 46th largest cryptocurrency – Siacoin (SC) having its current market cap stands at the level of $98,615,624 (07:09 UTC)on January 12 dropped in current value by 65% relative to the level of October 27 as analyzed from the graph above. The strong bearish pressure that caused a drop in value corresponding to October 27 which can be visible from the analytics above. However, the SC/USD pair remained ‘uptrend’ from December 18 to January 06 as interpreted from the graph above which signifies the bullish trend.
Amid this, the SC/USD pair gained in value dramatically by 14.46% compared to December 14 which can well be analyzed from the graph above, which elaborates that the bullish trend may expect to accelerate soon!
Based on the analytics above, since both, the moving averages are declining like a stone by creating the downward pressure over the value as interpreted through a line in the graph above. The 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 and all those community users that would like to invest into this cryptocurrency may explore to create long position the moment ‘uptrend’ takes place and remained for some time.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The SC/USD pair remained range bound from September 17 to October 03 last year, as the cryptocurrency rallied from a low of $0.00508 to a high of $0.0082 which is a 61.4 percent minimal return within sixteen days.
On the company-specific front, the altcoin – Sia is one of the leading decentralized cloud storage platforms with no signups, no servers, no trusted third parties required. Sia leverages blockchain technology to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers. With this, Sia encrypts and distributes your files across a decentralized network where you can control your private encryption keys, and you own your data. Amid this, no outside company or third party can access or control your files, unlike traditional cloud storage providers. On average, Sia’s decentralized cloud storage costs 90% less than incumbent cloud storage providers with storing capacity of 1TB of files on Sia costs about $2 per month, compared with $23 on Amazon S3 which is tremendous. Sia distributes and stores redundant file segments on nodes across the globe thereby eliminating any single point of failure and ensuring uptime that rivals traditional cloud storage providers. Sia’s software is entirely open source, with contributions from leading software engineers and a thriving community of developers building innovative applications on the Sia API.
Let us not forget that while using the Sia blockchain, Sia creates a decentralized storage marketplace in which storage providers compete for your business, which leads to the lowest possible prices. So much so that renters pay using Siacoin, which can also be mined and traded!
Now, let me walk you through the trading moment of Price, and Market Cap of SC as follows:
As we can quickly analyze from the graph above that the MCap stands at $98,867,271 (07:10 UTC) with the blue trend line, and Price (BTC) 0.00000069 through orange trend line with 24h Volume 960,074 USD (07:10 UTC) can be interpreted from the graph above.
The Price traded at the all-time highest on January 10 compared to Mcap which signifies the bullish trend as traders and investors are more inclined to invest in this currency.
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.0025 (07:20 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 value. It seems that this altcoin will soon begin to trading beyond the 20-day EMA thereby creating the bullish pattern and may remain for some time. However, based on the current trend, the next support level could be $0.0027.
Please feel free to visit https://sia.tech/ to know more about this cryptocurrency!