Lorenzo Stroe
Independent Analyst
- Siacoin has lost more than 25% of its value over a week.
- SC/USD is still in a daily uptrend and it’s currently defending the daily 26-EMA at $0.0031.
Siacoin has lost some of its gains but it’s not a surprise considering the magnitude of the bull run. The peak happened on June 16 at $0.0043, but even now at $0.0031, SC/USD is up by more than 300% since the low on March 14.
SC/USD daily chart
-637286230314016193.png)
The daily chart remains in an uptrend and bulls are trying to defend the 26-EMA at $0.0031. The low of the uptrend was established on June 15 at $0.0026, anything above this level will constitute a higher low and a continuation of the uptrend.
The RSI has cooled off significantly but considering the space between the peak and the current price, SC is most likely going to form a daily equilibrium pattern with a lower high.
SC/USD 4-hour chart
-637286230473710262.png)
Obviously, the 4-hour chart is now in a downtrend and the 12-EMA and the 26-EMA have crossed bearishly. Bulls can use the oversold RSI for a bounce, but they will most likely be stopped at the EMAs.
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