Siacoin as a platform uses blockchain technology. It is a project aimed at competing with larger cloud companies. It has a competition with Apple, Amazon, and Google. The best part is that Siacoin has lower fees; precisely, it is ten times lower than the popular cloud companies. Moreover, it is safer because it uses cryptographic encryption and blockchain technology.
It was started in 2013 and officially launched in 2015. Still, Siacoin is not among the top 50 cryptocurrencies right now, but it is listed in 15 exchanges. It has a great future, though the highest valuation was in January 2018.
At the time of writing, the price of Siacoin is around $0.02, which is far lower than its ATH of $0.06. Moreover, we can observe sideways movement, so it is hard to tell when it will take the bullish momentum.
On the daily chart, the SC coin maintained a strong support level around $0.010; now, it has created another support level of $0.016. It has a strong resistance level of around $0.02. If we consider all of these, we can assume that Siacoin may not break the resistance at this time.
However, RSI is 58, suggesting a solid momentum, but the MACD chart reflects a neutral view. The best part is, on the weekly chart, the last few candlesticks are above the baseline of the Bollinger Band, which indicates a bullish sign. Moving Average is also maintaining its uptrend.
After considering all technical tools and market sentiments, we observe that it is under its consolidation phase between $0.021 and 0.014 from the last week of May.
Is it the right time to invest in Siacoin? If you consider the recent trends in the market, BTC and ETH are creating a new ATH, most of the cryptocurrencies are in green. Can it break its resistance level around $0.021? It is a million-dollar question.
The volume of trading is stable; we have not seen any huge spike recently. Moreover, we cannot fundamentally analyze cryptocurrencies. In our opinion, $0.018 can be a good price to buy this crypto for both the short and long term. However, traders should set a stop loss of around $0.015. If Siacoin hits the stop loss, you can sell it to buy it again at a lower price.
