Short-Term Analysis on SIACOIN (SC)
Here is a short-term analysis on where I think the SIACOIN (SC) market is heading.
Overall, SC is consolidating and has the potential to break out of its 0.00000415 btc high (yellow line). But before that let's take a look at the possibilities of how it's going to get there.
There are two predictions that I would like to make (red and purple lines).
The red line - breaks out of the triangle of its downward trend and continues to go higher towards 0.000004's high (yellow line).
The purple line - breaks out of the triangle but continues its downward trend towards its 0.0000028's low (blue line) but will regain enough to break out of the triangle and head towards 0.000004's high (yellow line).
Please subscribe and feel free to comment on where you think SC is heading.
Sia is definitely going to rock sooner than later.
for the "smart long time investors" its attractive because Sia have a great project, great devs, uncompromising decentralized blockchain.
for the "shallow swing traded", it's going to be attractive because the charts show that is's going up strongly, it's a low cost coin (makes people feel good to hold high number of coins)
Sia is a good tech in general, and a lot of good news coming in June, so it will be really hot month for SC. It could even break triangle till 31st of May.
SC will have to face some tough competitors in the storage market (i.e. Storjcoin X, MaidSafe) and each with their respective strengths and weaknesses. Right now I think it is mostly speculative for SC until they have a more developed and concrete product. So I am not entirely sure how it will pan out in the long run for SC. However, I think it will increase in price in the short term.
I used to mine it in the beginning, now it's one of my favorite alt coins to trade.
Thanks for posting.
Np. Hope you make good profits with it :D
Yes! Thank you for this - i agree siacoin is gonna be an important one.... great tech and decentralized storage will be super important for businesses .... I was trading siacoin and made some profit now i am just holding waiting for the blast off! Great post
Thanks for the comment. All the best. Tngut.
I think the breakout is still premature (i could be wrong). It will need to test lower levels possibly before breaking out completely.