Siacoin (SC) is the native currency of Sia, a blockchain-based platform. Cloud computing is a distributed and decentralized storage platform, and Sia acts as a marketplace in which users can lease access to unused storage space in a secure, trustless environment. Agreements and transactions are enforced by intelligent contracts. In exchange, Siacoins are used for paying for network storage space. Let us look at the technical analysis of SC.
The current price is $0.021, which is down by 2.87% in the last 24 hours, although there has been an increase in the trading volume of SC by 59.15% in the last 24 hours. In addition, 2.87% of the market capitalization has been depreciated due to a price decrease.
Currently, the RSI is on the mark 69.19%. RSI faced rejection at 69.49% and took a slight dip and again took support at 65.53%, indicating the buying pressures are slowly approaching the market.
MACD and EMA lines are above the zero range, thus suggesting a buy. Although, we can see the MACD and EMA lines are closely rallying, and traders can look at the possibility of a minor trend reversal. The MACD is slightly gaining momentum, and we might expect a bullish crossover if the buying pressure prevails. However, for now, the traders are suggested to wait and watch the momentum of the market as the conditions are unpredictable.
The current price is equivalent to the pivot point of $0.021. Moreover, the price is increasing with good momentum and is expected to stay on the rise with various altcoins rising in the positive momentum.
With a good bullish trend upticking right now, the FIB levels to focus on are $0.0229 and $0.0231. We need to watch the 4-hour chart to see if there is any change in the reversal trend in SC. But overall momentum for today and tomorrow seems bullish as of now.