Siacoin is a cryptocurrency software that allows computers to rent unused hard drive spaces to other users. Two computer science students, David Vorick and Luke Champine, created this coin in 2013.
Siacoin spreads its network and developers all over the world. It was first launched in 2015 as a beta version. After successfully launching, it has raised $6.4 million. It is very similar to cloud storage. Amazon, Google also rent cloud storage to the users rather than trusting other companies to manage and store their data.
Interestingly it works uniquely. The files stored on the Sia network divide into tiny pieces, and each piece is stored on any one drive. The files are encrypted and secure so that other users cannot access them. SC is the platform’s native cryptocurrency, and the users utilizing this facility pay a privilege fee using SC coin. Currently, it hosts 770 TeraBytes of files.
Indeed, it has a great future, and this decentralized system can take the place of big giants like Amazon and Google.
When writing this post, SC USD is trading around $0.0087. Like many other cryptocurrencies, it is also in a consolidation phase, and it has been consolidating within a range of $0.01 and $0.008. Based on our analysis, we do not think it is an ideal investment time, but today we are analyzing the short-term and long-term views and price analysis.
On the daily chart, the MACD is neutral; and RSI is below 40 level, which suggests bearishness. The candlesticks are around the baseline, suggesting bearishness because it will come down to the lower half again. The previous support level of $0.0097 is working as a strong resistance level, so the price may not cross the level this month. That means the price chart is bearish in the short term.
Now we have to analyze the weekly chart to understand the long-term momentum.
We can notice six occasional rises, which suggest the price is highly volatile. In the weekly chart, the MACD is bearish, the RSI is also in the oversold zone, and Bollinger Band reflects bearishness. The chart has broken the support level, and $0.02 will work as a strong resistance level, so we do not think it is the right time for investment. Most of the indicators are bearish, and you should wait for a couple of months before investing in Siacoin.
