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- Siacoin prices soar after its social media activity.
- Siacoin registers 125.16% jump in a week, what’s next?
Siacoin is the native currency of the platform that offers decentralized cloud storage services. It has been in the new for quite a while now, since its meteoric rally from February. With the circulation of 47,290,942,992 SC accounting to the market capitalization of $1,374,923,093, Siacoin holds the 69th position.
Siacoin that has been in consolidation phase since its dump of the last week of February, gained momentum on March 15 and has risen over 125% in a week. The prices consolidated because of profit booking and finally blasted on March 18.
As per the charts, SC was experiencing resistance at $0.02, which was broken on March 18, and the rally has not stopped. The price is following an ascension parallel channel and has even broken the upper resistance levels.
Although the levels have been moving in unison with the upper Bollinger band, indicating extreme bullishness. Moreover, the RSI indicates overbought levels with 70. It is common for the RSI to go over 70 levels during bullish runs.
MACD levels have flipped to become bullish. The key points to consider is, if the Siacoin will sustain the $0.027, which acts as a support level. The next support level lies far below at $0.024. Hence needs good support to break its 52 week high of $0.02959, which will partially act as a resistance.
Apart from this, Fibo levels indicate that $0.0254 will be the strong support and targets for long trade can be around $0.039. It is very optimistic on an hour candle chart, but technical analysis suggests the same.
Since the markets are bullish, it should not be a hard target. There could be possible downsides in case any institutional investors or whale, starts to close position and the retailers follow their lead in Fear, Uncertainty and Doubt.
Here are the Technical points to remember:
Support : $0.0273, $0.026