Siacoin Reclaims $0.01 as SC Price Shows 20% Potential

The post Siacoin Reclaims $0.01 as SC Price Shows 20% Potential appeared first on Coinpedia Fintech News

With a sensational bullish recovery of 193% in the last ten weeks, Siacoin shows a new trend reversal in the weekly chart. Further, the SC price trend is ready to approach the 23.60% Fibonacci retracement in the weekly chart, teasing a potential breakout.

The significant increase in the trading volume and the bullish recovery in certain altcoins reflect investors’ attention shifting to low-cap coins. This increases the likelihood of a bullish 2024 for Siacoin and aligns with our SC price prediction for 2024-2030. 

Source- Tradingview

Following months of consolidation after the 2021 and 2022 bear market, the SC price trend finally resurfaces at the end of 2023. With a bullish reversal from the low of $0.00213, Siacoin is making waves in the altcoin market.

As the bullish reversal gains momentum in Siacoin with the increased trading volume, the buyers are lining up for this altcoin. Currently, Siacoin shows a bull run of 62% in January 2024 and reclaims the $0.01 psychological mark. 

Currently, the SC price trades at $0.01083, with a weekly return of 11.53% to form a huge bullish engulfing candle. Hence, the chances of a trend continuation are high in Siacoin. 

Technical Indicators:

RSI Indicator: The RSI line shows a bullish trajectory in the weekly chart, and eyes sustain in the overbought territory. Hence, the momentum indicator shows a high likelihood of trend continuation.

EMA: With the bullish reversal, the rising 50W EMA approaches the 200W EMA and teases a golden crossover in the weekly chart. 

Will The SC Price Sustain The Bull Run?

As the bullish momentum is on the rise, the next resistance for Siacoin sits at the $0.01312 mark aligns with the 23.60% Fibonacci level. The trend continuation possibility teases a 20% hike to the Fib level marking a sufficient target for sideline traders. 

Moreover, the bullish breakout can boost the SC price jump to the $0.012 mark.