Siacoin (SC) Price May Breakout After It Crosses $0.10

Siacoin (SC) Price May Breakout After It Crosses $0.10

Siacoin was at its high of $0.03 in November end, after which the coin has constantly been declining towards its support zone. The coin registered a lower low pattern and was moving below the downtrend line. The asset has been registering a considerable fall over the last three months. On March 07, the price got tested at the support line, and the bulls pushed the price up with the formation of bullish candles. 

There was a bullish divergence between the price and the RSI indicator, however, the price needs to close above the peak of $0.012 for the confirmation. After that, a bullish momentum can be expected in the long run. The forming candle suppresses the downtrend line and closes above it, which can be an opportunity for the bulls once the coin closes above the swing high of $0.01.

Siacoin Chart

The MACD line being above the signal line and the histogram chart showing green candles indicate a bullish signal. The RSI indicator is 46 is currently neutral but may head towards the overbought zone. The volume candles show remote movement and have been unfavorable towards bears or bulls, thus creating indecision in the price movement. Based on Siacoin price prediction, the coin price may continue to ascend from this level, and it may reach a minimum of $0.0126.

On the longer time-frame chart, the bulls tried to push the price up above the downtrend line but couldn’t close above it, and the price closed nearby to where it opened. The forming candles show a rise in the coin from the support line. From the last four weeks, there has been a constant formation of bearish candles. Once the forming candles close above the swing high of $0.010, an up-trending pattern can be expected in the weekly chart. Though the indicators signal a bearish trend from the past three months, a bullish trend can be expected soon if the bulls continue to push the price up. A bearish trend can be expected if the coin closes below the swing low of $0.007 and the price continues to be below the trend line.