Siacoin (SC) price has immensely underperformed other cryptocurrencies in the last couple of years. It was once one of the most popular projects in the crypto space. However, the low adoption stats and very little network activity have adversely affected the native asset, SC coin.
On Wednesday, Siacoin extended its losses by another 6.57%. This puts the overall weekly loss at 10.83%. Currently, the coin is trading around 97% below its 2018 all-time high of $0.0928. The recovery seems to be far-fetched as there is very little demand for the digital asset.
Recently, Siacoin shared the project’s performance in Q2 in a series of Tweets. In the second quarter of 2023, the project released the beta version of its hosted application and the alpha version of its wallet application. The team also shared some key insights on future development.
Many long-term holders seem to have lost faith in the project. New projects like Filecoin and Arveweave have gained more traction in the past few years due to aggressive marketing. This has significantly impacted the Siacoin price which has failed to show any significant recovery.
A look at the following SC crypto chart shows that the coin has been trading within $0.0031-$0.0052 trading range since July 2022. Despite multiple attempts, the price failed to break above this trading range. After another rejection from the mid of this range earlier this month, the price is once again retesting the range lows.
In order for Siacoin price prediction to flip bullish, it needs to gain strength above the $0.0052 level. Right now, the price is maintaining a bearish structure with a prolonged accumulation phase. I won’t be a buyer at current levels as there is no sign of any reversal yet.
While I’m not bullish on Siacoin, there are still many good projects available at discounted prices. I regularly mention such projects on my Twitter, where you are welcome to follow me.
This post was last modified on Aug 16, 2023, 12:33 BST 12:33