CryptoHoopla: Siacoin Report (SC)
Exchange Coverage: Strong
Management team: Information lacking
Hype Factor: Increasingly Strong
Market Cap at time of writing: $896,739,867
Price at time of writing: $0.028562
Outlook: $0.067 Q1 2018
Report produced by CryptoHoopla.com
Overall Sentiment: Bullish
- Community size is comparable to coins with market caps in the USD 2 billion+ range. Highly active subreddit with almost 22,000 followers and growing activity amongst instant messaging/forum communities.
- Truly disruptive concept and already a fully working decentralized storage network secured by Proof of Work. Unlike many other coins, Siacoin’s value will make sense to even the most novice crypto-currency investors.
- Very transparent roadmap with management team making steady progress and keeping investors up to date through community updates and a dedicated trello board.
- Limited information available on the team behind Siacoin, however the strong exchange coverage (including Bittrex and Poloniex) provides some credibility to the team.
Siacoin at a glance:
- Siacoin utilizes blockchain technology to turn the unused storage space of the world into a decentralized free market for data. Sometimes referred to as ‘the Airbnb for hard drives’.
- The cloud storage market is a multi-billion dollar industry which is ripe for disruption. While Siacoin does have competitors on the blockchain, many traditional companies have operated in this space with large success while having competitors with the exact same offering.
- Siacoin is used to reward miners for securing the blockchain and pay hosts for selling storage space. This makes Siacoin one of the few coins that is currently being used for its intended purpose, as opposed to only being held for speculation on potential future usage.
- Traditional cloud storage providers are expensive to use and data is usually not encrypted. They are disadvantaged by having to rent or purchase highly expensive data centers, and these costs are carried on to the end user. Sia report to be 90% more cost effective than these traditional storage providers.
‘SiaCoin’ Google Search Trend (12 month):
Technical Analysis Commentary:
December has proven to be a great month for SC holders, who saw the coin break past support at .00000114 and top out at .00000276. As to be expected, since hitting Decembers’ high we are seeing a correction that does not appear to be overly bearish looking at the price action of the candle sticks alone. We may see support tested at the previous resistance level of .00000114, otherwise we’re expecting the bullish trend to continue and are looking to trade towards the 38.2% (.0000035) and then 50% (.00000446) fibonacci levels.
MACD is looking slightly weak based off the recent pull back, but hasn’t formed enough of a convergence to make a call on the signal yet. RSI on the other hand looks stable at the 62 area, which as a leading indicator tells us that the market isn't aggressive on the current correction.
We see any pull back towards the support level as a good buying opportunity, and based on bullish technicals, the strong community behind the project and managements seemingly able ability to execute on their roadmap, we think USD 0.067 (BTC .00000446) is possible in Q1 2018.
Note: There are rumours of pump and dump groups targeting Siacoin, which may explain seemingly erratic price movements. Our view is that these groups will not affect the long term performance of the coin, but may be cause for caution.
Should you have any questions please contact us at [email protected]
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