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Is Siacoin (SC) Heading the Wrong Direction Wednesday?

Wednesday, June 29, 2022 06:26 PM | InvestorsObserver Analysts
Is Siacoin (SC) Heading the Wrong Direction Wednesday?

Siacoin receives a weak short-term technical ranking of 30 from InvestorsObserver data analysis. The proprietary ranking system focuses on the recent trading patters over the past month to determine the strength of its short-term technicals. SC has a superior recent technical analysis than 30% of coins based on these trading metrics. Investors primarily focused on shorter term investment strategies will find this technical analysis most relevant to their goals when determining whether to invest in a particular crypto.

Short-Term Technical - 30
InvestorsObserver is giving Siacoin a 30 Short-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Siacoin!

Trading Analysis

Siacoin is $0.000712 (22.69%) higher than its 30-day low price of $0.003137225 while also -$0.002083 (-35.11%) lower than its high of $0.00593148 from the past month of trading. Meanwhile, SC's current price of $0.003848952 is under its average price of $0.004572337 set over the past month of trading, leading to a weak short-term technical score. In summation, the recent trading history of Siacoin suggest that traders are currently bearish on the coin.
SC has a relatively average market cap for a coin with a total market value of $197,356,304.86. The market valuation for Siacoin is relatively average due to the largest 100 cryptos having a market cap above $1 billion and SC sits underneath that mark but remains above $100 million in market capilization. Siacoin's average volume meanwhile is average with $66,221,236.87 worth of the coin traded over a typical 24 hour period. The volume for SC is relatively average as the most traded 100 cryptos have roughly $100 million worth of the crypto exchanged over a 24 hour period and a large portion of the market trades at least $5 million worth each day. As of the past 24 hours, SC's volume is below its average with $5,098,149.65 exchanged. Siacoin's subclass Distributed Software Platform: A platform is a decentralized infrastructure designed for a purpose. These can take the form of exchanges for the trading of cryptocurrencies, decentralized data storage, artificial intelligence, virtual or augmented reality, distributed computing and big data collection, among other things.

Summary

Siacoin's trading over the past 30 days leads to its a weak short-term technical score due to recent price movement suggesting more bearish signals for traders on the coin in the near future. Click Here to get the full Report on Siacoin (SC).

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