In this week’s SIA technical analysis, Siacoin is a blockchain network that uses cloud technology to create a robust platform for data storage. It is a decentralized open-source protocol. It does not require signups, servers, or reliable third parties. SC is the prime governance token of this ecosystem.
On March 30, 2021, the opening price of SC was $0.025. As of April 5, 2021, the closing price of SC was $0.032. Thus, in the past week, the SC price has surged by approximately 28%. In the last 24 hours, SC has traded between $0.03-$0.037.
Day-Ahead and Tomorrow
Currently, SC is trading at $0.031. The price has decreased from the opening price of $0.032. Thus, the market looks bearish.
The A/D indicator has fallen steeply. Thus, whale distributions are higher than whale accumulations. Thus, selling pressures are high. There is a negative divergence here and we can expect the price to decrease further.
The MACD and signal lines are negative. However, a bullish crossover by the MACD line over the signal line has occurred. So, we can expect some price corrections amidst a bearish market momentum. They are also very close to the zero line and may turn positive soon.
The RSI is presently at 46%. It faced rejection at 53% and fell to this level. Thus, selling pressures are high and we can expect the price to decline further.
SC Technical Analysis
As per technical analysis, the price is soon likely to fall below the first Fibonacci pivot support level of $0.03. If the bearish forces remain strong till day end, we can expect the price to fall below the subsequent support levels of $0.029 and $0.026 respectively.
The price has tested and fallen below the 23.6% FIB retracement level of $0.0316. By day end, if the price does not retest and break out of this level, it means that the bears are strong. In that case, the price downtrend will continue tomorrow as well.