Siacoin Price Analysis: SC Coin Price Struggles To Break Above The Upside Parallel Channel

  • SC coin price is currently seeing a correction on the daily chart which can push it down to $0.107 . It has observed a loss of more than 2.3% in the intraday session
  • Technical indicators for Siacoin suggest a downtrend in price for the future . In contrast, SC/BTC pair has seen a loss of 2.33% in the past 24 hours

SC coin is currently ranked 89th  in the cryptoverse and has a market dominance of more than 0.05%. Siacoin is down by more than 81% from its all time high. The volume to market capitalization ratio of the SC coin hints towards a consolidated momentum

Why Invest In SC Coin?

SC coin price is currently seeing a correction on the daily chart which can push it to a lower level. Siacoin is currently near the value of $0.0211 and has seen a loss of more than 2.14% in the past 24 hours. The long term goal of the Siacon is to compete with the existing storage solutions. The idea of SC coin first came into 2013 by David Vorick while he was studying the computer science. Siacoin is a utility token of Sia blockchain which is a decentralized cloud storage platform. Siacoin is currently seeing a downside momentum on the daily chart but can soon revert to the uptrend. One can invest in SC coin as per their risk capacity and price action scenario.

SC Price Technical Indicators Suggests A Consolidated Momentum In Price

Source: Trading view

The weekly technical chart of Sia price suggests a downside momentum for upcoming days. The daily chart of the asset price suggests a consolidated momentum for the future. The price of the asset is trading above the 50 and  100 Daily  Moving Average. There is a positive crossover which can act as a positive catalyst to push the price further high. The 100 MA  line is currently near the value of $0.1536  making it a temporary support region  for the price. SC token price bullish momentum might face a resistance near $0.03. Meanwhile, support in the price can be seen near $0.01 in the downside momentum. SC/BTC pair can also see a strong bullish momentum in future

Conclusion

SC coin  price is currently seeing a correction on the daily chart but can soon revert to the uptrend. SC/BTC pair can also jump to a new high in the future

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