Siacoin Technical Analysis: SC/USD dropped 25% but the uptrend is still intact
- 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
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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
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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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
