The Siacoin price prediction might flip bullish if the price breaks out of the bear flag. SIA coin has broken above the local resistance of $0.48-0.50. On Thursday, the price briefly closed above this region. In case of acceptance above this level, SC price could target the June highs. At the time of writing, the price is trading at $0.0051. Price has lost 1.35% within the past 24 hrs.
Siacoin price saw an exponential bull run in 2017 as the decentralized storage narrative became very popular. Nevertheless, the price plunged into an intense bear market in the following years. One major reason was the lack of network activity. SIA coin also underperformed in the last year’s bull run.
Although Siacoin has been one of the pioneers in decentralized storage, many big players have emerged in the game. Projects like Areweave, Storj and Filecoin appear to have huge VC backing and are giving SC a run for its money.
According to Siacoin news, Skynet support is now officially available on ‘.bit’. Users can mint their web 3 addresses in the form of their ‘.bit’ domains. To celebrate the milestone, Skynet Labs has minted skynetlabs.bit for their address.
Siacoin Price Prediction
Technical analysis of the SIA USD price chart shows that the bulls are finally getting some momentum. However, the price needs to break out of the bear flag in the upwards direction. Although there has been a slight increase in volume, the bulls need much more volume to attempt a breakout.
In the event of a confirmed breakout, the Siacoin price prediction of $0.54 is likely to be met very soon. If bulls have enough gas in the tank, they could even target the $0.007 region. This target comes into play due to the confluence of the 0.618 Fib level and the 2000-day moving average. To avoid any sudden bearish move, a stop loss of around $0.0044 might prove helpful.
Siacoin Daily Chart
