Siacoin Price Prediction: A Break of 0.00451 Points to More Gains

Summary:
• A break above the current resistance at 0.00451 could create room for more gains boosting bullish Siacoin price predictions.

The SC/USDT pair is up by 01.15% this Friday after having a generally good week that has boosted Siacoin price predictions to the upside. After starting the week very strongly, the pair hit its highest point for the week on Wednesday by touching off the 0.00502 resistance mark.

However, the bears came in strongly and beat back the price action, forming a pinbar that provided the basis for a 1.36% drop on Thursday, 21 July. The Sia platform hosts Skynet, which recently launched its decentralized alternative to Google Docs.

However, this event has not had any impact on the price action. Instead, traders in the crypto market appear to be basing their price moves on the price of Bitcoin. The spike in Siacoin that boosted Siacoin price predictions came off a push of the BTC/USDT to the 24k mark on Wednesday.

A retreat of Siacoin and other altcoins followed a similar retreat from the 24k level by Bitcoin. The BTC price of 20k is being used as the benchmark for long or short positions. Despite the pullback, the SC/USDT pair looks to end the week higher, as it gained 10.86% to achieve its highest closing price in seven weeks. 

Siacoin Price Prediction

Conversely, a breakdown of the 0.00422 price support opens the way for a further decline in the SC/USDT pair. The initial target would be the 0.00362 support level, where the low of the 11 July 2022 candle is found. Below this level, the 0.00311 pivot forms another southbound target.

If the bulls fail to defend this price mark, the 6 July 2020 low at 0.00290 forms the immediate downside target. If the bears force prices below the 0.00362 pivot. Below this level, the all-time low at 0.00229 (2 November 2020 low) becomes another potential harvest point for the bears. 

On the flip side, the bulls need to force a break of the 50% Fibonacci retracement (10 July/19 July 2022 highs) from the swing high of 6 June to the 18 June swing low to send the pair higher. 0.00502 (20 July high) is the target for the bulls on successful clearance of this double barrier. Above this level, 0.00568 forms an additional target to the north. 

SC/USDT: Daily Chart