Siacoin (SC) Price Levels Faces Wrath of Bears Plunges Below $0.0050

Siacoin is showcasing bearish trend since the starting of the year after testing resistance of $0.0060
  • Siacoin has been on a bearish trend for the past couple of trading sessions after testing the critical resistance area of $0.0055 
  • During the current market session, the price levels faced an overall loss of -5.00%
  • The SC/BTC pair also turned negative with a loss of -5.90% bringing the current level to 0.0000001388 BTC
Source: Tradingview

The technical chart of SC/BTC reflects on the significant retracement faced by the price levels on weekly candlestick ranging from 2019 to 2021. The pair picked up a positive trend during the past year but faced significant resistance around 0.00000040 BTC. The inception of this year has been also negative for the pair as it has formed a falling wedge pattern and looked vulnerable for a negative breakout at the same time. However, the MACD of the pair is looking in the potential to have a bullish crossover from which one can expect a revival of a positive trend, 

Source: Tradingview

Looking at SC/USD, the price levels have formed a symmetrical triangular pattern on the chart and looked at the potential for having a positive breakout from it. If a bullish breakout is witnessed in the upcoming trading sessions, the cryptocurrency can have a target of around $0.0070 for the cryptocurrency. On the contrary, in case of a negative breakout, the major support level of $0.0040 might come into action. The CMP is placed at $0.004860 with an overall loss of -5.15% bringing the market capitalization to $218,956,319 causing a loss of -5.74%. The 24-hour volume traded stands at $21,012,540 resulting in a decline of -3.50%.

Source: Tradingview
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The moving average convergence & divergence (MACD) for Siacoin has been consolidated while the cryptocurrency entered the symmetrical pattern on the chart. However, there’s slight development of bearish bars on the histogram indicating that the price levels might face a negative breakout from the pattern in the upcoming trading sessions. 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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