Siacoin Price Prediction: SIA Coin Is Likely To Make New Lows

Summary:

A breakout of the bear flag might make Siacoin price prediction of $0.0024 a reality. This would trigger a prolonged bearish accumulation.

The Siacoin price prediction is still bearish as the price is lacking the momentum that it needs to overcome the resistance. Nevertheless, after facing multiple rejections from the $0.045 level, the SIA coin finally appears to have reclaimed the level. At the time of writing, the price is trading at $0.0474 after gaining 0.42% within the past 24 hrs.

Siacoin was once a very hyped project, fuelled by the narrative of decentralized storage. However, the network seemed to be ahead of its time as it couldn’t gain a wide user base. Due to this reason, the Siacoin price underperformed during the 2022 crypto bull run.

Another reason for the price decline is the emergence of new players in decentralized storage space. Consequently, SIA is now facing fierce competition from the likes of Filecoin and Areweave.

According to Siacoin news, Skynet built on top of its protocol, is now supported by ETH.LIMO, which is a decentralized alternative to Cloudflare. As per the network stats, there have been 1,074,723 downloads of the software so far. The network has 49,305 online hosts and 551 active hosts. Currently, there is 7.32 PB of storage available on the platform, with 3.38 PB already in use.

Siacoin Price Prediction

Technical analysis of the SIA USD price chart shows that the price has been in an intense downtrend since the start of the year. As a result, the price is almost 80% down within the past 7 months, with still no major sign of a reversal. Siacoin hit its all-time high valuation in 2018 as the price surged to the $0.093 level. However, the cryptocurrency failed to break that peak during last year’s bull run.

Although the SIA coin is making higher lows on the daily chart, the price appears to be lacking momentum. A breakout of the bear flag might make the Siacoin price prediction of $0.0024 a reality. In such a bearish scenario, the price is likely to enter a prolonged bearish accumulation. To change this bearish outlook, the price needs to reclaim the $0.0062 level.