Siacoin Price (SC) Rose by 26% in JAN; Are Bulls Back On Track?

• 1 Siacoin price prediction says positive momentum may continue and new highs may be visible.
• 2 SC price is up by 26% in the current month, but it may witness minor profit booking.
• 3 The SC crypto is in an uptrend and forming a bullish pattern.

Siacoin price prediction is bullish for January 2024 and suggests a rise in the long run. It is forming a bullish pattern on a daily chart and keeps on hitting the swing highs.

SC price performed well in December and closed the month with a gain of 37%. It boosted the confidence of investors and new participants might have taken a fresh longs.

In January, Siacoin crypto gave follow-up momentum and rose 38% approximately in the last week. It shows the bulls are strengthening their grip and are actively present at the lower levels.

The move in SC is supported by massive buying volume, which is an indication that big players are also interested. If they participated in the rally, then minor dips are likely to get bought up.

The chart pattern of Siacoin indicates the bull run has begun and this coin might turn out to be a good performer in the long run.

The 50-day and 200-day sloping upward showcase uptrend. Any short-term retracement toward the support will be an opportunity to accumulate it at a cheaper price.

Is Siacoin Price Look Mildly Overstretched?

Source: SC/USDT daily chart by Tradingview

Siacoin price is in a strong uptrend but it looks mildly overstretched. Due to this, it is facing a hurdle at the $0.011236 level. Currently, SC is trading at $0.008431 and down by -8.53% on an intraday basis.

This correction is much needed for the fair price discovery. The long-term investors are safe until the price is trading above the 50-day EMA.

Therefore, this downfall should be treated as a buying opportunity for those who had missed the rally. The analysis, SC cryptocurrency is inside the bulls’ grip. So, it is better to play bullish bets.

SC Price May Retest the Breakout Level

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SC price had performed well in the last few weeks and generated a decent return for its investors. If the momentum continues, Siacoin may fly to $0.011236.

At present, the price is slipping down and is likely to test the breakout level. So, it will be interesting to see how the price will react near to support. Hopefully, the buyers are present and they will easily absorb the sell-off.

Conclusion

Siacoin price prediction remains bullish for January 2024 and it might fly to new highs. However, the journey will not be linear, and short-term profit booking may come.

The analysis suggests SC is in an uptrend. So, it’s better to look for buy-on-dips opportunities and stay with a positive trend.

Technical levels

• Resistance levels: $0.011236 and $0.012000
• Support levels: $0.006564 and $0.004691

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.

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