Historical price movements, analysis of recent developments, and assessment of market opinion are the critical ingredients for making accurate Siacoin price prediction for August 2020. There has been significant activity in the second half of 2020, enough to show what the crypto has in-store for August.
Siacoin is an open-source project that aims to provide low-cost cloud storage solutions. The network will achieve this goal by providing encryption and distribution across its decentralized network of peers. It was launched five years ago and has received considerable attention for its reliability. SC token is the native currency of the network used by users to serve several functions on the platform.
At the time of writing this piece, SC token was trading at $0.003203. This price represented a 1.28% change in 24 hours, where the total volume traded was $2,874,623. The circulating supply of SC token is 41,817,047,634 coins, which is also the total coin supply. That means the current market cap of Siacoin is $133,930,413. It ranks 68th in the cryptocurrency market.
Siacoin Price Prediction: Analysis
Starting June, Siacoin was valued at $0.002345. The price rallied for three days to settle at $0.002995. Despite being close to $0.003 resistance level, a sudden pullback brought the token down to $0.002638 on the third day. After making a short recovery to $0.002815, the Siacoin token spent the next day trading tightly in the $0.0026 and $0.0027 range. On 10th June, a sharp bull movement had it surpassing $0.003 and breaking a new resistance level at $0.003024.
The bulls maintained control for the next week, breaking ground at $0.004137 on 17th June. The following was a correcting back to $0.0039, but still clear of $0.003. Unfortunately, the result of the inability to sustain the move past $0.004 triggered a bearish momentum that had prices falling back below $0.003 by 25th June. The coin consolidated to trade closely in the range of $0.002662 and 0.003.
By 1st July, SC traded at $0.003152 before closing above the new $0.003 resistance level. The next day had the token starting a consolidation pattern, trading tightly between $0.003 and $0.0031. However, a sharp bear momentum had prices falling to $0.002900 before making a recovery, taking SC into a consolidated pattern in the $0.0029 and $0.003 range. On 8th July, the token remained under the same pattern during the morning trading session, but a sudden bullish momentum mid-day saw price bursting through $0.003 to settle at $0.0036.
The momentum continued through 9th July, where a short-lived test of the 0.004 resistance level was made. This move was followed by a correcting that reset price back into the 0.0033 to $0.0036 range. Siacoin traded tightly in this range for the next few days before falling back below $0.0033 but maintaining the critical $0.003 support level on 16th July. By 27th July, SC had traded back and forth between $0.003 and $0.0036.
However, by the end of 27th July, the price could no longer avoid the support level at $0.003. SC went past the level to trade at $0.002983 then made a recovery above $0.003 by 29th July. Towards the end of July, the prices traded relatively above $0.003 under a bearish hold with no decent recovery. As of 30th July, the price is $0.0034.
In February, Nebulous, the company building Sia’s decentralized cloud network, released Skynet, which is a decentralized CDN and file sharing platform. Application developers will use Skynet as a foundation for free internet because it enables high speed and low-cost internet and superior infrastructure for cloud storage. It will allow developers to integrate decentralized storage into their applications.
By June, Coinbase, the US-Based cryptocurrency exchange, expressed their consideration of supporting a list of assets that included Siacoin. However, to this day, there has been no communication about a final decision or a listing date. In the meantime, Siacoin has been getting busy planning an internet hackathon to create community-owned next-generation, decentralized applications.
Siacoin Price Prediction: Market Opinion for August 2020
Many forecasting websites have released Siacoin price predictions for August 2020. Here are some of the notable projections to help you gauge the market opinion.
WalletInvestor issued a daily Siacoin price prediction for the next 14 days of August. The site also provides possible highs and lows that could be traded at that time. By their projection, SC will not test $0.004 in August. The opening price for August is projected to be $0.00319, but the token could remain under the bearish hold to end the second week at $0.00313.
|Date||Price||Min Price||Max Price|
TradingBeast forecasts a 19.45% change in the price of SC in August 2020. According to the website, Siacoin could maintain an average price of $0.003787. The minimum price in the month could be $0.0032189 and $0.0047337 as the maximum price.
Cryptoground predicts Siacoin will break past the $0.003 support level to form a new low at $0.0020 by 3rd August. The 34.71% drop will be supported by another drop at 36.22% to end the first trading week of August above $0.002. The forecast does not expect a lot of activity for the coin, as the prices could remain in the same range to the end of August.
Gov.Capital sees SC trading at $0.00318 as the best possible price for the third day of August. The average price from 3rd August could be $0.00323, but a strong bear momentum could see prices tumbling down to $0.002 by the end of the month. The price prediction also has a fall past the $0.002 support line.
CoinPredictor predicts that Siacoin will be trading at $0.002029 on 3rd August, but could rise in value by the 7th day to $0.002055. However, the entire month’s outlook has SC losing up to 47.5% in value to trade at $0.001065.
From the information reviewed above, a reasonable Siacoin price prediction for August 2020 would be a trading range of $0.002 and $0.004. This range should provide you with enough cover for wild price movements on significant developments.