{"id":566719,"date":"2024-08-20T10:23:27","date_gmt":"2024-08-20T10:23:27","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=566719"},"modified":"2024-08-20T10:23:27","modified_gmt":"2024-08-20T10:23:27","slug":"is-it-too-late-to-buy-sys-syscoin-price-skyrockets-116-in-a-week-and-this-might-be-the-next-crypto-to-explode","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/is-it-too-late-to-buy-sys-syscoin-price-skyrockets-116-in-a-week-and-this-might-be-the-next-crypto-to-explode","title":{"rendered":"Is It Too Late To Buy SYS? Syscoin Price Skyrockets 116% In A Week And This Might Be The Next Crypto To Explode"},"content":{"rendered":"

The Syscoin price has  Skyrocketed 116% in the past week and 11% in the last 24 hours to trade at $0.1581<\/a> as of 04:05 a.m. EST on a 71%  pump in trading volume to $187 million.<\/p>\n

Syscoin Price Analysis: Sharp Bullish Momentum<\/h2>\n

Syscoin (SYS) has recently experienced a strong bullish reversal after breaking out of a prolonged bearish channel. For several months, SYS was confined to this downward-sloping channel, marked by a series of lower highs and lower lows. Typically, such a pattern suggests persistent selling pressure, but the recent breakout signals a shift in market sentiment.<\/p>\n

The breakout from the bearish channel was accompanied by a notable increase in trading volume, signalling strong buying momentum. Additionally, SYS has found solid support around $0.0998, a level from which the price has bounced back significantly, reinforcing its importance as a key support zone.<\/p>\n

\"Syscoin<\/p>\n

SYSUSDT Analysis Source: Tradingview<\/p>\n

The 50-day Simple Moving Average, currently at $0.1757, is slightly above SYS current trading price of $0.1593. This suggests that despite the recent surge, SYS has not yet surpassed this key short- to mid-term resistance level. A price break above the 50-day MA would generally be considered a bullish signal, potentially leading to increased buying interest.<\/p>\n

The 200-day moving average is at $0.0988, which is well below the current price. The price’s recent rebound from levels near this moving average underscores its importance as a strong long-term support. Since the current price is comfortably above the 200-day MA, the overall long-term trend for SYS price remains bullish.<\/p>\n

Syscoin Price May Continue The Uptrend<\/h2>\n

Following the breakout, SYS bulls are now targeting a price level of around $0.3020. This target is likely derived from the height of the previous price action within the channel and suggests considerable upside potential.<\/p>\n

However, the Relative Strength Index (RSI) currently stands at 79.16, which places it in overbought territory. This high RSI reading suggests that while the current uptrend is strong, a short-term pullback or consolidation could occur before SYS continues its upward movement.<\/p>\n

The combination of the breakout from the bearish channel, support from the 200-day moving average, and the surge in trading volume all indicate that SYS is likely to continue its upward trajectory, aiming for the target price of $0.3052. Traders should monitor the price’s interaction with the 50-day moving average for further confirmation of the bullish trend,<\/p>\n

However, considering the RSI’s overbought status, a short-term correction or consolidation could happen before the next upward move. It’s also important to closely monitor volume and price action for any indications of a potential reversal.<\/p>\n

The Mega Dice (DICE) Presale Raises Over $1.7 Million- The Next 100X GameFi Token?<\/h2>\n

Meanwhile, as the SYS price continues its bull rally, more investors are flocking to the new Solana GameFi token Mega Dice (DICE)<\/a>, whose presale has just raced past $1.7 million.<\/span><\/p>\n

The momentum has popular crypto analyst and YouTuber Crypto Boy, with over 45k Subscribers, predicting a potential 100x return for DICE post-launch.<\/p>\n