Why Is Siacoin (SC) Crypto Price Pumping? Bulls Eye Another Double-Digit Spike to This Next Level

Siacoin （SC） is experiencing a significant price pump, with bulls eyeing another double-digit increase. Technical indicators suggest a potential breakout and continued bullish momentum.

Points

• Siacoin’s price is close to breaking out of a descending trendline.
• The relative strength index （RSI） indicates room for continued upward movement.
• A successful breakout could lead to a 30% rally.
• Technical indicators show strong bullish sentiment.

Siacoin （SC） is witnessing a substantial price increase, driven by strong bullish momentum. The price is currently close to breaking out of a descending trendline, which could signal the beginning of a major bullish run. If successful, this breakout could trigger a long bullish trend for the token, potentially leading to a 30% rally to around $0.0065, where the next major resistance level lies.

The relative strength index （RSI） for Siacoin is at 56, indicating that the price has room to run if the bullish momentum continues. The token is also near its 50-day simple moving average （SMA）, and a decisive break above this level could further boost investor confidence.

Explanation

• Relative Strength Index （RSI）: A momentum oscillator that measures the speed and change of price movements, indicating overbought or oversold conditions.
• Simple Moving Average （SMA）: A calculation that takes the average of a range of prices, typically closing prices, over a specific period to identify trends.
• Descending Trendline: A line drawn on a chart that connects lower highs over a period, indicating a downtrend.

With strong technical indicators and bullish sentiment, Siacoin is poised for potential growth,

setting the stage for further price increases if current trends hold.