SC Technical Analysis – August 2021
Siacoin has been bullish for quite some time now. Since July 20th, when SC was below $0.01, Siacoin has increased by as much as 143%. There has been a recent correction in the price of SC, and it is currently trading at around $0.02. The recent pullback has found support at this price, and it may now aim higher unless the resistance of the recent high stops SC to keep increasing.
Within the day, SC has had quite the price range and has had high volatility. This has benefited day traders. Despite the recent correction, SC looks bullish and may keep increasing in the coming hours and days.
Key Structures for Siacoin
- $0.02, $0.019, $0.016
- $0.023, $0.024, $0.026
The 20-day moving average is just below the candlesticks. This suggests that even though SC had a pullback, its price may find support and increase again in the coming days.
Furthermore, when looking at a 50-day moving average, it showcases that SC is on the way to another price increase.
Relative Strength Index
The Relative Strength Index (RSI) in a daily timeframe is around 70. This might be somewhat alarming to traders since surpassing that level makes SC overbought. However, the RSI in a 4-hour chart is at 58, which means that SC has still room to grow in the coming hours or even days.
Similar to the RSI, the Moving Average Convergence Divergence indicates that a shift in momentum is imminent. This has been marked by the recent pullback that SC has had. Nevertheless, support levels might keep MACD above its baseline.
Drawing the Fibonacci Retracement from the recent uptrend of Siacoin, we can observe that the 38.2% level of support has already been broken, but SC has support at the 50% level at $0.02. This level aligns with the previous high of SC so it might prove to be the turning point of this pullback. The 61.8% also may act as a level of support at $0.019.
Head And Shoulders
Looking closely at the recent uptrend, there might be a head and shoulders pattern forming for Siacoin. With the left shoulder and the head already shaped, the following days can tell if such a pattern is to emerge. If a right shoulder forms, then the neckline might be a good level of support if SC continues the uptrend.
From the recent trend, we can also notice potential Elliot waves forming for Siacoin. The first impulsive wave was followed by a steep but short pullback, which then initiated the third and biggest wave of this uptrend. From this perspective, the fourth wave is almost finished, and we might be looking at another impulsive wave in the coming days which may test the first resistance projected in this analysis.
Price Prediction Siacoin – August 2021
After looking at several indicators and the recent candlesticks of the SC/USDT trading pair, Siacoin might be heading for another increase. However, it is worth noting that the previous high had resistance at $0.023. If the same happens again and a double top pattern is formed, then SC might go down again as the trend might be reversed. Nonetheless, if SC goes past that resistance, then we might be looking for a continuation of this bullish run and SC might aim to reach $0.03 again.
Latest News for Siacoin – Affecting Price
There has not been any major news for SC in recent weeks. However, it is worth mentioning that SC is being accepted as a means of payment from many marketplaces. To illustrate, a Dodge Viper car sold on eBay accepted payment in Siacoin. Such large sales can easily drive the price of SC higher, even if the technical analysis does not suggest so.
Check out his article if you want to read the fundamental analysis of Siacoin:
Siacoin (SC) Price Prediction 2021 and Beyond – Is SC a Good Investment?