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SC Technical Analysis: Price May Soon Breakout of the First Support Level of $0.0163


cryptoknowmics.com 31 May 2021 07:34, UTC
Reading time: ~2 m

Sia is a cloud storage platform based on blockchain technology. It is decentralized, serverless, cost-effective, and doesn’t require signups or intermediaries. It is highly redundant and secure too. SC is the prime governance token of this ecosystem. The following SC technical analysis will predict the price trends for the next few days:

Past Performance

On May 24, 2021, SC opened at $0.01. On May 30, 2021, SC closed at $0.017. Thus, in the past week, the SC price has increased by approximately 70%. In the last 24 hours, SC has traded between $0.016-$0.017.



Day-Ahead and Tomorrow

Currently, SC is trading at $0.016. The price has decreased from the day’s opening price of $0.017. Thus, the market seems bearish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may change signs soon. Hence, we can expect a bearish trend reversal.

Currently, the RSI indicator is at 48%. It faced rejection at 46% and rose to this level. Thus, buying pressures are slowly mounting. In other words, like the MACD indicator, the RSI oscillator has also indicated an impending trend reversal or price rise.

The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the SC price.

In short, when we look at all three oscillators, we can say that the price may start rising soon. However, we have to wait and watch if this price rise is a temporary corrective price action or the beginning of a bullish trend.

SC Technical Analysis

Currently, the price is below the second Fibonacci pivot support level of $0.016. It may soon break out of the first support level of $0.0163.

The SC price has tested and fallen below the 23.6% FIB retracement level of $0.0162. It may soon retest and break out of this level. Thus, as of now, the bulls are gaining strength.  Hence, the price upswing may continue today and tomorrow.

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