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SC Technical Analysis: Bullish Trend Weakens With Near $0.022 Mark

cryptoknowmics.com 11 October 2021 11:30, UTC
Reading time: ~2 m

SC coin price struggles to rise higher due to the increasing underlying bearishness. Hence, a bearish reversal possibility increases.  

Sia was created by David Vorick in mid-2013 while he was studying computer science at Rensselaer Polytechnic Institute. Sia is a safe and trusted marketplace for cloud storage, where users can rent storage space. 

A smart contract enforces agreements and transactions. Siacoin serves as the medium of exchange to pay for storage on the network. Siacoin (SC), the native utility token for Sia, is a blockchain-based distributed cloud storage site.

Let us now look at the technical analysis of Siacoin cryptocurrency.

Past Performance of Siacoin (SC)

SC coin prices are rising in a short-term uptrend. However, the recent opposition from the $0.020 has caused a fall of 5.54% on 10th October.

However, the retracement can be seen as a retest of the bullish breakout of $0.018. Hence, we must wait till the price gives closing below $0.018 before taking a bearish stand. 

Source - Tradingview

Siacoin (SC) Technical Analysis

SC cryptocurrency currently stands at $0.01978. The cryptocurrency has also fallen by 1.05% over the past 24 hours. Siacoin currently ranks #101 in the CoinMarketCap rankings, with a market capitalization of $9.62 million.

The pivot points indicate that the following resistance levels are $0.0235 or $0.327. On the other hand, support levels are $0.0184 or $0.137.

The MACD and signal lines of the daily chart rise above the zero line. The lines are bullish because the fast line is always above the slow one. As a result, the bullish histograms also maintain their strength. The indicator thus gives a bullish signal.

In the daily chart, the RSI indicator rises to 58%. The overall trend remains positive. The indicator predicts a rise of underlying bullishness.

Upcoming Trend

As per the Siacoin technical analysis, the SC crypto is ready to jump higher after retesting the $0.32 zone. However, the fall in trading volume will be a considerable obstacle, and it must be reversed for a successful bull run.

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