Siacoin (SC)
Updated
Siacoin is one of the first pioneers in the field of blockchain-based distributed decentralized cloud storage platforms. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. As can be seen, in the past, SC has grown a lot. SC has been oscillating in a huge triangle pattern. Recently, it seems SC has started an upward wave; could this wave be the one that breaks the huge triangle pattern upward? Let's see what happens.
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When such a wide/huge triangle pattern form, like this one, two possible scenarios could happen. Usually, there is a room for growth equal to the width of the triangle; 1) from the bottom of the triangle, when the last correction wave ended, or, 2) from the triangle's upper line, when broken upward. Either way, Siacoin have a huge potential for growth.
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So, SC went up pretty well—more than 600%. After SC broke the triangle's middle horizontal area, it went up and then made a pullback on this area. It is possible that SC rests or oscillates in this area for a while and then starts the next upward wave toward the triangle's upper line. Let's see what happens.
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On closer look, in the daily chart, it is evident that SC has made an inverted ascending triangle pattern. So, unless this pattern turns into a complex or double patterns, this triangle pattern seems finished, and that means SC's next upward wave could start. Let's see what happens.
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So, it seems the inverted triangle pattern is finished and SC is ready to start the next upward wave. Let's see what happens.
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Examining SC chart on linear scale also reveal an interesting pattern; a big triangle pattern. It is clear that SC's recent try to break this triangle was unsuccessful. If SC breaks this triangle upward, it can go up as high as the width of the triangle; that means around 0.22. Let's see what happens.
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So, SC went down to the triangle's bottom line, touched it. First have to wait for SC to break the downtrend line. Let's see what happens.
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So, SC visited the triangle's bottom line another time, giving traders and investors another chance to hop in. Then a minor triangle pattern formed at the bottom, and now it seems SC has broken it and is going up. Let's see if SC can break the big triangle pattern this time or not.
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