Lorenzo Stroe
Independent Analyst
- Siacoin has climbed above $0.0038 and touched $0.0039, a new 2020-high.
- SC/USD is in a robust daily uptrend and it’s looking for more gains.
Siacoin has finally broken the $0.0038 resistance level established on February 19. Bulls managed to set a clear uptrend back in March and have taken Siacoin up to $0.0039 from a low of $0.0009 on March 13.
SC/USD daily chart
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Although bulls managed to break above $0.0038, the digital asset is now right at that level after getting slightly rejected from $0.0039. The move today on June 16, constitutes a 15% price increase. The daily RSI is lightly overextended because there have been many periods of consolidation before.
The daily 12-EMA at $0.0030 will serve as support in the case of a pullback. SC can drop to $0.0025 and still maintain the daily uptrend.
SC/USD 4-hour chart
After briefly losing the 12-EMA and the 26-EMA, bulls came back in full force destroying all the previous resistance levels and started consolidating at $0.0035 for the next four hours before the current leg up. The last two candlesticks have long lower wicks indicating that bulls are capable of buying the dips and that they are looking for another leg up above $0.0039.
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