Siacoin (SC) Maybe Primed For the Next Bullish Breakout

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Siacoin (SC) recently announced a hackathon from September 15, 2020, through September 30, 2020
  • Siacoin’s performance since the start of the month reflected a downward correction
  • Siacoin (SC) is building momentum and in coming months we could expect to move from this symmetrical triangle

The cryptocurrency market has had a volatile week. While most of the currencies observed downward correction, the Bitcoin prices have been solidifying at the time of writing, putting downward pressure on many altcoins. The top altcoins in the market were moving lower down the price scale, whereas mid-cap and low-cap assets like Siacoin were trying to move upwards on the charts.

There are many open-source blockchain networks in the cryptocurrency market; one of them is Siacoin (SC) which operates on its own blockchain. SC mined through the mining process. It’s Proof of Work-based platform that provides low-cost solutions for offering encryption, cloud storage, and distribution of files to be stored by users across a decentralized network. Siacoin (SC) recently announced a hackathon from September 15, 2020, through September 30, 2020. 

Siacoin has been trading sideways from the beginning of the week. Notwithstanding today’s moderate hike, the currency might correct down soon as per the current momentum marked on the charts. In the first quarter of 2020, Siacoin (SC) saw a 0.10% decline in price. While the second quarter of 2020, bring a ray of hope for SC as the price started gaining strong momentum on the charts. Siacoin (SC) observed +118.6% gains in the price. However, the third quarter till now hasn’t recorded any major success, it has recorded over 18% surge on the charts.

Siacoin’s performance since the start of the month reflected a downward correction. The Siacoin price was found at $0.0047 on the 01st of September. The first week of September saw the coin was trading in the correction range following falling prices of top cryptocurrencies. However, with the start of the second week, the asset began trading with slight bullish momentum for the next two-three days after that, the coming days caused a considerable sideways momentum in the price. The change started promptly after the climb. The third week of September brought moderate loss for Siacoin. 

Siacoin (SC) Price Analysis

Source: Tradeview

Siacoin (SC) is building momentum and in coming months we could expect to move from this symmetrical triangle. So far it held well and didn’t break the lower support trendline. The 20-day ema and 50 are moving very close, but no confirmation yet. In the coming days SC could test trendline around 30 sat and move up from there in coming weeks.

The MACD histogram is not crossing yet but shows signs that it could confirm new uptrend on daily timeframe.

Source: Tradeview

Looking into the daily chart, If SC moves towards 42 satoshi and holds this level then the next target is 68 satoshi. The expected time for a breakout would be October-November. It seems to be a good area to accumulate for now and around 30.

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