- The SC coin price was supported by the $0.0081 bullish point of interest.
- It grew 25% during the monthly trading session.
- The trading volume of Siacoin has witnessed a massive rise of 452%.
Siacoin (SC) is a decentralized cloud storage platform based on distributed blockchain. Users can lease access to their unused storage space on this platform. It acts as a secure, trustless marketplace for cloud storage. The project aims to become the backbone storage layer of the Internet. Siacoin is the medium of exchange for paying for storage on the network and uses a proof-of-work (PoW) consensus algorithm.
SC Coin Reflected a Huge Return of 300%+ During the Six-Month Session
Like many popular cryptocurrencies, Siacoin crypto also experienced a change in positive sentiment from October 2023. The price got a bullish response from the crypto investors from the $0.0029 demand level, resulting in a breakout of $0.0045 resistance.
The price surged all the way to $0.0055, a crucial supply level. It witnessed an increase of almost 100% in its value. Afterward, the price made a minor pullback on the $0.0045 breakout level and broke above the $0.0064 major resistance.
SC coin price completely changed its direction with that particular bullish move. On the other hand, the investors were assembled on the major resistance breakout level of $0.0064. The price rushed 145% upward and created a $0.0081 bullish point of interest.
The bullish POI is serving the current market price. In addition, the Siacoin price has experienced an increase of 452% in trading volume during the last 24 hours. The amount of SC coins circulating in the market is 56 Billion SC.
Technical Analysis of the SC Coin Price
The current price is moving above the 50-day and the 200-day EMA, reflecting an uptrend. It slipped below the 50-day EMA earlier, resulting in a short-term fall. At present, the price rebounded by the 50-day EMA.
The Siacoin price surged 182% to the $0.0218 significant supply zone on February 24, 2024. However, the price faced extreme selling pressure from that level, resulting in a decline of 64% to the $0.0081 bullish point of interest.
Regarding the technicals, the price took support on the $0.0081 POI and increased by 40%. It is moving toward the $0.0144 resistance level. SC coin price can reclaim $0.0218 if it manages to close above the $0.0144 level.
Moreover, the relative strength index (RSI) showed a bearish divergence in the price momentum. It indicates that bullish strength is becoming weak in the current trading phase. RSI is moving at 51.59 above the signal line.
Summary
The Siacoin price is moving in an uptrend by forming higher high swings. The price faced resistance from the $0.0218 major supply zone recently and fell to the $0.0081 POI. The current price is gaining some bullish momentum. If the price closes above the $0.0144 level, it may rise to the $0.0218 resistance.
Technical Levels
- Resistance Levels: $0.0144 and $0.0218
- Support Levels: $0.0081 and $0.0064
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.