The Siacoin price has jumped sharply in the past few days as demand for the coin has jumped. The SC token has jumped to a high of $0.0243, which is about 200% above its lowest level in October. Its total market cap has risen to $1.2 billion according to data compiled by CoinGecko.
Siacoin is a blockchain platform that has similarities with Filecoin. The two networks are changing the storage industry by incorporating the blockchain technology. With Siacoin, users can easily store files and documents in a network of decentralized platforms.
The process works in a relatively easy way. First, files are subdivided into about 30 segments before being uploaded. Each of these segments is encrypted, meaning that it can only be used by people with a key. Finally, these files are sent to hosts using smart contracts. These hosts are paid using SC, which is the native token for the Siacoin ecosystem.
The chart below shows that the SC coin has been in a slow bullish trend in the past few weeks. During this time, it has remained slightly above the ascending trendline shown in red. At the same time, it remains slightly below the key resistance level at $0.027. It has struggled moving above this level several times since September.
At the same time, it has remained slightly above the 25-day and 50-day moving averages. Therefore, since it has formed an ascending triangle pattern, I suspect that the price will keep rising. If this happens, the coin will likely keep rising as investors target the key resistance at $0.05. On the flip side, a move below $0.02 will invalidate this view.
This post was last modified on %s = human-readable time difference 06:27