- SC met resistance at $0.020 as per Siacoin price analysis.
- Trading volume is high beyond assumptions.
- Support for SC is present at $0.016.
The Siacoin price analysis shows bullish traits as the price has increased today. Yesterday Siacoin showed good performance as the price level rose from $0.016 to $0.018. Today bulls continued their lead and took the price further high to $0.020 in just one hour at the start of the session, but the selling pressure seems to be quite strong at this level for the 100th cryptocurrency, as SC/USD met resistance, the bears reduced the price down to $0.0185.
The Siacoin price value shows a significant gain of more than 11 percent over the last 24 hours and a marvelous 33 percent gain in price value over the last seven days, ranking it among the top 100 cryptocurrencies.
SC/USD 1-day price chart: Trading volume goes through the roof with a 1300 percent increase
Yes, you read it right; SC/USD trading volume has increased over 1300 percent during the last 24 hours, as Siacoin price analysis suggests. Speculating over such an increment in trading volume is a touchy subject, but it is very vast as compared with the trading volumes of the top altcoins. Over the last week, SC/USD observed a healthy recovery from the past month’s downtrend, as the price increased significantly during the past few days, with yesterday marking the biggest gain.
The volatility is almost constant for SC/USD with the upper Bollinger band at the $0.019 mark and the lower band at the $0.012 mark; the coin’s price is trading near the upper band, indicating a bullish trend, but there seems to be more space for the price function to move down.
The relative strength index is hovering in the upper half of the neutral zone, the RSI rose to the upper half on 4th October, indicating increasing buying activity, but now indicates a tough competition among both sides of the market as its upwards movement has slowed down.
The MACD oscillator indicator is currently bullish, as is evident from the dark green color of the histogram. The size of histogram bars also shows improvement due to the rise in price for the past few days.
Siacoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Siacoin price analysis shows the bears are giving tough competition as they have devalued the price significantly during the last few hours and are still ruling the price function if observed over an hourly basis.
The volatility has increased as the Bollinger bands show expansion, providing a bigger envelope for the price to move around. The RSI has also dipped down and entered the neutral zone; the steep curve of RSI during the current hours shows an intense selling activity in the market.
The short-term and mid-term moving averages, along with the majority of other technical indicators, support the bullish trend and give an indication for buying of SC/USD assets.
Siacoin price analysis: Conclusion
The Siacoin price analysis shows good prospects for the mid-term traders, as the last week’s price trend line is upwards. But a correction might come in the way any time soon, as is obvious from the price function of the last few hours. The overall circumstances are favorable for the SC/USD pair, and the price may improve up to $0.022 in the next 24 hours.