Why Siacoin Continues to Make Gains

Siacoin price is up in today’s trading session, continuing a trend that started three days ago that has seen prices rise by 8 per cent. The current bullish move has also seen the prices move past the monthly opening price, making Siacoin one of the only few cryptocurrency projects that have seen gains in July.

Since its founding, the Siacoin project has continued to gain traction with blockchain users looking for a decentralized online storage platform. The platform looks to solve a major problem that continues to plague the modern cloud computing industry, the centralization of the services.

For instance, registering with storage services such as Microsoft, Amazon, or even Google ensures you do not have control over your data. There is no way of knowing who can access your data without your consent. There is also the fact that the company that stores your data will, in most cases, have full power over the said data.

However, storing data on Siacoin removes all centralized authorities and gives full control over the blockchain or data stored within; this has become a major selling point of the platform that has caused the platform to continue gaining traction among users.

Siacoin Price Prediction

To understand where the prices will be in the next few trading sessions, we have to review what has happened in the past three days. On Wednesday, Siacoin prices opened the markets trading at $0.00363 and was able to gain over 6 per cent, which saw it close the markets trading at $0.00389.

However, in yesterday’s trading session, the prices started trading aggressively bearish in the early hours of the session and dropped by 4 per cent. The trend would, however, change, and as the session came to an end, the prices had risen to close the markets with no gain or loss. 

Today, the bullish trend, which started on Wednesday, looks to have resumed. It is also looking likely that the prices will continue to rise throughout the session. Therefore, my price prediction for the next few trading sessions expects the price to hit the $0.0044 resistance level. There is also a high chance that prices will break the level and trade above it. My analysis, however, will be invalidated if prices fall below the $0.00317 support level.

Siacoin Daily Chart