#Stellar News Siacoin (SC) Technical Analysis: Proof-of-Work Reset Strikes Good Chord With Bulls
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses incurred as a result of this information. by Ollie Leech , 7 hrs ago Subscribe
Siacoin started off October with big news and big gains, enjoying a streak of strong bullish momentum inspired by lead developer David Vorick’s blog announcement on October 1, which confirmed the project is finally moving to brick Bitmain and Innosilicon mining hardware from the network when the project hard forks at the end of the month.
Over the course of the past 4 days surging support was able to drive SC beyond the year-long downtrending resistance level and rally over 30% at its peak price point; becoming one of the best performers among the top 50 cryptos this week.
For now, the community seems to be recovering after the initial excitement of the landmark news, with trading volume and momentum starting to rebalance. However, with a golden crossover between the 50/200 EMA lines on the 4hr chart, we’re almost certain to see further bullish activity from this asset again soon.
Recapping the major points from the video analysis we looked at yesterday we can see that the golden crossover on the 4hr SC/BTC chart is a huge signal for the asset, particularly given that the last time we saw the 50 EMA pass above the 200 EMA was back in April, just before Siacoin rose 100% in less than 3 weeks. We can also see that Siacoin has now bullishly passed through the long downtrending resistance that had held down the asset throughout this year, off the back of the recent support.
Catching up with SC/BTC now, we have just started to see renewed bullish momentum pick up in the last four hours, with a spiking green candle and a number of promising signs on the chart indicators; RSI is now at 62% in the index channel and heading towards the overbought region as bullish momentum increases. The 12MA (blue) on the MACD indicator is now starting to fraternize with the 26MA (red) above it, after briefly dipping below it during the opening bull run correction. The blue line should pass through the red line soon and this will be a good signal that bears are weakening and that a bullish continuation is likely. The Chaikin Money Flow indicator also shows that the current uptrend is strengthening with the indicator line arcing upward.
This is another good confirmation that buying pressure is increasing in the short-term. From these signs I think we can expect SC to continue uptrending well in the short-term and throughout the rest of this month, especially with the new v1.
3.6 software upgrade and fork due soon on October 31st. Priced at just $0.007, Siacoin is a serious performer at under one cent and it could be a top pick for investors with shallow pockets.
A return to its all-time high at 838 Sats would generate a healthy 604% return – which isn’t impossible provided the community gets back behind the project again, once it moves ahead with the fork. Siacoin (SC) Price Targets
All price targets are set from the asset’s current value at 119 Sats (at the time of writing).
Price Target 1: 1st resistance at 121 Sats. (1.68% ROI)
Price Target 2: 136 Sats (14.29% ROI)
Price Target 3: 146 Sats (22.
69% ROI) × .
