SC Longterm Potential

lightknight (21)in #siacoin • 7 years ago

Note: Amateur/rookie opinion.

The timescale of SC price movement will change depending on BTC/USD price movement

Fundamentals:

-decentralised and distributed storage (actual real use case of blockchain tech)
-very popular crypto in the community
-Long-term wants to compete with Amazon and Microsoft cloud services, offers competitive rates once updates and bug fixes are released later in the year when services receive speed boost
-Strong capable startup team (already been in the space for a long time)
-Recent cleaner UI

a lot of other competition in this space (BLZ, STORJ)
recently offering Tokenized Security Offering (TSO), 750 siafunds to be auctioned to investors

Technicals:

-Fractal #2 is still finishing a descending wedge possibly similar to fractal #1 (still confirming, otherwise bullish)
-long-term cup and handle forming and perhaps a potential double cup might form depending on BTC's performance (bullish)
-Personal prediction (not fact), price will continue to drop before volume returns and price bounces to start potentially primary wave 2
-RSI is currently oversold and could continue in this zone for a few weeks
-buy zone between 94-153

Opinion:

Long-term bullish, short-term bearish continuation before price reversal, dependent on btc/usd, otherwise potentially will continue dropping all the way to the long-term support line as has been posted in previous analyses by community on Tradingview.

Original chart on Tradingview:
https://www.tradingview.com/chart/SCBTC/zsBdg8iG-SC-Potential-Longterm/

BitMex Affiliate link for 10% off trading fees if interested:
https://www.bitmex.com/register/Fdx46u

#sia #cryptocurrency #analysis #siabtc

7 years ago in #siacoin by lightknight (21)

$0.00