The cryptocurrency market continues to display a volatile price action with major tokens recording constant fluctuations in the chart. The top tokens continue to surge amid an increase in the investor’s inflow in the crypto space.
The Siacoin has displayed a positive price action for the first time after displaying a neutral trend for a brief period. The SC price has added approximately 40% within the past 30 days and 74% Year-to-Date (YTD), indicating an increase in the bullish influence.
SC Price Regains Momentum!
The Siacoin price traded between $0.00908 and $0.0103 for a period, after which the bulls gained momentum and recorded a jump of 51.10% in valuation. Following this, the SC token displayed a neutral trend for the next three days in the chart.
As the market volatility grew, the bulls regained momentum and recorded a jump of 75% in valuation. After facing rejection at $0.0224, the price started trading under a bearish influence and lost approximately 60% in valuation.
Following this, the SC price traded in a closed range between $0.00908 and $0.0103 for a brief period, during which it retested its low of $0.00771. Recently, the bulls jumped 36.5% before facing rejection at $0.0124. Since then, the Siacoin price has been hovering close to its resistance level.
The MACD displays a constant green histogram, indicating a strong bullish influence in the crypto industry. Further, the average shows a constant rise, suggesting the price will continue gaining value in the coming time.
Will Siacoin Go Up?
If the market pushes the price above the resistance level of $0.0124, the bulls will regain momentum and prepare to test its upper resistance level of $0.0155. Moreover, if the bulls continue to gain power, it will prepare to test its upper resistance level of $0.0184 by the coming weekend.
Conversely, if the bears gain momentum, the bulls will lose momentum and fall to test its support level of $0.0103. Further, if the bears continue to overpower the bulls, it will continue to bleed and prepare to test its lower support level of $0.00908.
Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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