Bullish Siacoin price predictions are playing out in the crypto market after the SC/USDT pair rose for the third day. The gains come as the US Dollar fell across the board in all markets. The gains in Siacoin and several altcoins follow that of Bitcoin, which gained nearly 9% to touch off a two-week high at 21254 before retreating slightly.
Open interest in Siacoin and several altcoins is rising following the day’s gains. Comments by FTX CEO Sam Bankman-Fried in which he said that the crypto pain was likely over, also helped to boost sentiment in the market and help Siacoin get on course to ending the second straight week in green territory. The SC/USDT pair is up 2.49% currently, adding to last week’s 2.55% gains.
The advance seen in the SC/USDT pair comes more from a decline in the US Dollar, which is the fiat currency that Tether is pegged to. The US Dollar saw a general decline ahead of comments by two members of the FOMC on Friday and next week’s inflation data. Last week, underwhelming non-farm payrolls data raised concerns that the rate hikes by the Fed were now exerting recessionary risks and could make the Fed apply some caution in its 21 September meeting. Reduced rate hike expectations promote inflows into risky assets.
From a technical analysis standpoint, the token sits within a few feet of the 0.00422 resistance mark. This point intersects the channel’s upper border. The price action behaviour at this border will determine the direction of the Siacoin price predictions.
Siacoin Price Prediction
The uptick in the price action looks set to test the 0.00422 resistance mark (9 July and 24 August highs). If this price is broken, the 0.00451 (10 July/19 July high) becomes the new upside target. Additional targets to the north are found at 0.00502 (20 July high) and at the 0.00527 barrier (1 June low/11 August high).
On the other hand, rejection at the 0.00422 barrier and upper border of the channel invalidates the bullish outlook. A pullback takes the pair toward the 0.00362 support (13 July low), leaving the 18 June low at 0.00311 as the next target to the south. The 6/20 July 2020 lows afford the bears another harvest point at 0.00290, with 0.00229 (3 November 2020 low) forming an additional southbound target.
SC/USDT: Daily Chart
