Siacoin Price Analysis: SC Breaks Past Support – Will It Maintain Its Downtrend?

Siacoin is down 18% in the last two weeks. Bulls have attempted to reverse the downtrend as SC made a 3.8% gain in the past week.

In the last 24 hours, Siacoin has remained flat with a slight 0.4% gain. The slight increase is significant as the total crypto market cap is down 1.1%.

The low volatility in the past day comes amid slow trading volumes. SC’s 24-hour trading volumes have dropped 28% to around $1.3 million.

In the last 30 days, Siacoin has dropped by around 14%. In July, Messari published a report on the activities within the Siacoin ecosystem.

1/ Let’s dive into @Sia__Foundation’s performance for Q2 of 2023.#Sia has continued to build throughout Q2, with the beta version of its hostd application and the alpha version of its wallets application.@CabronElBufon digs into more insights and future development below. 🧵 pic.twitter.com/buEwZimyxL

— Messari (@MessariCrypto) July 11, 2023

The report pointed to the project’s growth in Q2 2023. Some developments in the project during this time include launching a beta version for the hosted application and the alpha version of wallet applications.

Despite the growth, Q2 was also not entirely favorable for the project as new contracts dropped by 11%, transactions fell by 13%, and revenue dropped by 23%.

The bearish sentiment across the broader crypto market might see an even more negative financial outlook in Q3 2023. The trend explains SC’s weak price movement.

Siacoin Continues Downtrend

Siacoin has been on a steady downtrend this month. On August 1, SC was trading at around $0.0034. It held these levels until August 5, when the price jumped to $0.0042.

$0.0042 was a three-month high for SC. Traders started dumping at these levels to bag profits, as the price had dropped to $0.0034 by August 14.

On August 18, SC dropped to a monthly low of $0.0027. At the time of writing, SC was trading at $0.00285 and has held these levels since August 20.

Siacoin’s market cap has also not been spared from the downtrend. On August 18, the market cap was at $218 million, but it has since dropped to the current $147 million.

Siacoin Holds Crucial $0.00271 Support

Siacoin’s price movement since the start of August shows increased volatility.

The coin is currently trading at critical levels, with support being $0.0027. Failure to hold this support will see SC drop to $0.0025.

A bearish sentiment is currently in play, as seen in the Moving Average Convergence Divergence (MACD) line below the signal line.

The MACD histograms are also in the negative zone, indicating a bearish sentiment is still at play.

The Relative Strength Index (RSI) at 36 shows sellers control the price action.

The movement of the RSI line shows that the selling pressure is easing. However, buyers are yet to enter the market, making a downtrend more likely.

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The Wall Street Memes presale will close at the end of September. The project offers staking rewards via its staking mechanism.

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