SC Technical Analysis: A Slight Pullback but High Chances to Break Resistance

Siacoin (SC) is the native utility token of Sia, a blockchain-based distributed, decentralized cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet.”

SC has been showing some interesting technical analysis moves.

Past Performance of SC

SC is up today by 5 percent. It opened at $0.0225 and has so far hit a high of $0.0262.While one can say it is a recouping of the 7 percent loss it faced yesterday. The coin gained a whopping 19 percent on November 26, 2021, and had gained 10% the day before.

It has been forming peaks and valleys for the past two months within the range of $0.015 and $0.0223.

SC Technical Analysis

The target for SC in a few days remains at $0.0534. SC is currently undergoing a pullback but remains technically set up to test and potentially break the target of $0.0534.

The On-balance Volume is at 7.52 million, which is above the average volumes it has surpassed so far. It is doing tremendously well in the past weeks. It jumped to this level from 6.76 million on November 25, 2021.

RSI has crossed the 56 percent region and is in the overbought region. It mirrored the OBV and price changes showing a stable change in the direction.

The MA trend and signal lines both are running parallel with the histogram picking up volume.

One can look out for new interest peaking in SC as it provides a cost-effective cloud-storage solution. Microsoft Azure charges $18 per month for 1 terabyte (TB, or 1,000 gigabytes) of storage. Whereas, The Sia network charges less than $4.50 for the same service.

Price Trends for the Day-Ahead and Tomorrow

SC is a STRONG BUY as per overall sentiment. The oscillators expect it to be NEUTRAL as of now, whereas the moving average indicator gives a BUY signal.

It has already crossed the expected resistances of $0.02323 and one can expect it to cross the next resistance level of $0.02545 and $0.02906 as per the next few days.

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