Siacoin: having a hard time

POLONIEX:SCBTC   Siacoin / Bitcoin
Short way to describe Sia is 'dropbox on the blockchain'. Sia has been around since 2015 and allthough the idea sounds pretty cool and the solution is live for quite some time now, getting it adopted is still a huge challenge. User statistics are pretty poor and there are many complaints on various discussion boards about setup troubles.

From a technical view I have really zoomed out here to the weekly chart. It doesn't look too nice. Allthough we have some sort of uptrend supportline, it is still well below current price. Price painted a lower high early january. On the way down it broke horizontal support and is currently at 78,6 Fibonacci supportlevel, which isn't the strongest fib level. Unless another altseason starts on short notice and traders go nuts for low priced alts again, Sia will most likely fall below 100 sats once more and could even go towards 50/60 sats .


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