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Siacoin Price Analysis: SC Bulls May Again Roar In Coming Days


www.thecoinrepublic.com May 04 2021 08:37, UTC
Reading time: ~2 m

  • Siacoin (SC) price is struggling to breakout above the accumulation zone. It can soon see the new highs being formed.
  • The pair of SC/BTC is trailing with a gain of 6%. In contrast, the technical indicators hint at a bullish momentum for SC price.
Source: Trading view

Siacoin is on bullish momentum with an increasing volume on the daily chart. The volume over the graph is rising with the price, which indicates the participation of buyers pushing it upwards. Presently the coin trades above all the major moving averages of 50 and 100 MA, where 50 MA is acting as a support line. The lower side’s support is placed at $0.03. Similarly, the higher side’s resistance is $0.06200. SC price has seen significant gains in the past, and it can see the continuation

The volume of the Siacoin has seen an increase of 43% in the intraday session. The volume to Market capitalization ratio for the coin is 0.1386. If the ratio crosses over 0.75, then a strong buying rush can be seen.

Technical Indicators Hints Breakout From Consolidation For SC Price

Source:Trading view

Siacoin is trading on the consolidated note. There is no significant movement in the coin, which shows there is no strength in price. The coin has formed an accumulation on the hourly and daily chart. If the price makes a jump of 10% above the current levels, then a strong bullish momentum can be seen. SC/BTC pair is also on a bullish note with a gain of 6.04%. This pair can see new highs being formed in the upcoming days.

Relative Strength Index (BEARISH) indicates bearish momentum while trading at 59.44. However, it is heading towards the oversold zone after testing the overbought zone showing weakness over the chart. 

Conclusion

SC price has seen significant gains in the past. Recently there has been a halt on the bullish momentum of Siacoin price. SC/BTC pair can also see new highs being formed. An Investor should do their due diligence before investing.

Technical Levels

Support levels: $0.03

Resistance levels: $0.062


   Source

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