Siacoin price (SC/USD) is on fire as it has surged by 25% in the past few days. This has made Sia coin one of the best-performing cryptocurrencies of this week. The positive price action by the decentralized storage crypto comes at a time when Bitcoin is struggling to reclaim the $25,000 level.
On Thursday, SC/USD is trading at $0.004 after gaining 2% till press time. Siacoin has been performing very well since the start of 2023 and is 80% up YTD. Our Analysis shows that the price still has room to soar another 32% if it reclaims a key level on its chart.
Siacoin News Today
Siacoin is one of the oldest networks for decentralized storage. The network participants can lend their free storage space to mine the native asset known as Sia coin. According to the latest Siacoin news, the network capacity has reached 4.81 PB with 443 online hosts. More than 1 PB of storage is currently in use, and the rest is still available.
Despite being in the industry for many years, Siacoin is still way behind in adoption when compared to its new competitors. Popular decentralized storage networks like Filecoin and Areweave are currently leading in terms of development and adoption. Consequently, Siacoin price has also underperformed as compared to these protocols.
In fact, Filecoin has recently upgraded its network by making it EVM-compatible. The upgrade will allow the deployment of Ethereum-compatible smart contracts on the Filecoin network.
Siacoin Price Still Has Gas In The Tank
Technical analysis of SC/USD reveals that the price has been ranging in a tight range since June 2022. The top of this range lies at $0.0052 and is acting as a resistance. Similarly, the $0.0031 range low is acting as a nice support. Our Siacoin price prediction is still bullish as the price is trading above the support as well as the 200-day moving average.
Nevertheless, the price has recently faced rejection from the $0.00422 level, which is the midpoint of the aforementioned range. A reclaim of this level can propel the price towards the range high of $0.0052. This will be a 32% price increase from the current price of $0.004. The invalidation will be a daily closure below the 200-day moving average.
