Lorenzo Stroe
Independent Analyst
- Siacoin price had a massive 60% breakout in the past 48 hours.
- The digital asset reached a yearly high of $0.0213 with a spike in trading volume.
- After such a significant move, SC could be poised for a significant pullback.
Siacoin had a massive 60% breakout after clearing out a key resistance level at $0.0144. The digital asset continues trading at $0.018 after a significant pullback already from the high of $0.0213.
Siacoin price could be on the brink of another pullback
On the 12-hour chart, Siacoin price saw a huge 60% upswing followed by a 15% pullback down to $0.0173. This is the 78.6% Fibonacci Retracement level that has held so far.
SC/USD 12-hour chart
A breakdown below this key support level could drive Siacoin price down towards $0.0142 at the 61.8% Fibonacci level, basically erasing all previous gains as it doesn't seem like any significant news has pushed the digital asset.
The only key resistance level on the way is the last high of $0.0213. A breakout above this point should also drive Siacoin price towards the next Fibonacci level at $0.0263, the 127.2%.
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