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- 1 The SC price broke the 52-week high of 0.00624 at the end of December last year.
- 2 Siacoin addresses problems such as high costs for renting storage, hacking risks, data control etc
Siacoin (SC) is a decentralized cloud storage platform that offers a cost-effective alternative to traditional cloud storage services.
Despite its benefits, traditional cloud service providers such as Apple and Google remain popular. However, Siacoin aims to attract more users who are looking for a secure environment with low-cost storage. Siacoin also aims to help users take back control over their data by allowing them to be data owners.
Siacoin addresses cloud storage issues like high costs, hacking risks, and data mismanagement. It’s a peer-to-peer system that’s decentralized and doesn’t have a central authority controlling the data or storage ownership.
Renters pay hosts in Siacoin (SC) in exchange for their services, and the network is supported by nodes. The Siacoin system breaks the users’ data into smaller fragments and distributes them across the nodes. Since the information is private, a random node cannot access it without the private keys that prove ownership over the data.
Even if a node could access the data, it would only access a part of it, making the information useless. Thanks to the distribution across nodes, the level of vulnerability is decreased, and the level of security is increased. Each piece of information is fragmented and split into 30 parts, and hosts are paid by renters for providing cloud storage services.
The hosts can promote their storage capacities and services and even refuse to rent storage to certain consumers. The core of Siacoin functionality is the concept of File Contracts, which are a version of smart contracts that have predetermined rules and are based on automation to allow communication between hosts and renters.
Technical Analysis and Prediction of the SC Coin Price
On Tuesday, SC coin price experienced a 13.04% fall caused by short-term traders rushing to take their profits. On that day, the coin was the highest since April of 2022.
However, despite the decline, SC price is still 267% higher than its October lows. The frequent collapse of major resistance levels is causing this surge.
SC coin has a resistance level of $0.011 and the 2nd resistance level is at $0.0141. The immediate support level is at $0.00584, while the 2nd support level is at $0.00435. The 50-Day EMA and the 150-Day EMA have resulted in a bullish crossover, which is boosting the bulls.
Summary
Siacoin solves issues such as expensive storage rental, hacking risks, and lack of data control. Despite the decline, SC price is still 267% higher than its October lows, thanks to the steady collapse of resistance levels.
Technical Levels
- Support Levels: $0.011 and $0.0141.
- Resistance Levels: $0.00435 and $0..0435
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
