Siacoin Price Analysis: SC Gearing Up for a Massive Rally?


  • Siacoin has a medium term resistance at $0.004.
  • The EMA(50) is currently at $0.004.
  • SC fall -0.42% in seven days.
  • Siacoin currently trades near $0.014

22 April 2024 : In this article we will walk you through Siacoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Siacoin, Is SC a good investment? Siacoin support & resistance levels etc. But before diving deep into the SC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,442,152,539,875. The total trading volume stands at $63,692,393,722. Bitcoin shares 53.52 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $66,405.92 level after an upward movement of 1.93%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.59 percent reaching to $3,233.06 during the previous 24 hours.
While publishing this blog, BNB traded at $606.31, following a price change of 4.79% within the same time frame. SOL the native coin of Solana is up by 2.86 and currently trading at $155.52. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Siacoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Siacoin (SC)

SC Resistance Levels SC Support Levels
Resistance Level 1 $0.003 Support Level 1 $0.003
Resistance Level 2 $0.004 Support Level 2 $0.003
Resistance Level 3 $0.004 Support Level 3 $0.003

Siacoin Performance

The current Siacoin price is $0.014, with a trading volume of $829,588,918.00 in the past 24-hours. Currently, SC is down by -28.72% since yesterday with a market capitalization of $795,166,745.00 USD.

Siacoin Price Analysis

SC price analysis for 22 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Siacoin.

Moving Averages Price Indicator
Simple Moving Average (10) 0.003 Buy
Exponential Moving Average (10) 0.003 Buy
Simple Moving Average (20) 0.003 Buy
Exponential Moving Average (20) 0.003 Buy
Simple Moving Average (50) 0.004 Buy
Exponential Moving Average (50) 0.004 Buy

The SC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The Relative strength index (RSI) for SC Coin is currently hovering at 32 for 14-days average line, which means SC is just recovering from a oversold condition. While SC’s Williams %R indicator is at -54.291 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

Siacoin is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.