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.
Hi.I am curious how did you feel with the targets projected on on logarithmic scale.Have you tried the linear one?
SaeedSalehinia
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@igor_1234567, Hi igor. I didn't get what you mean that how I feel with the targets projected. When I am analyzing, I try to put all emotions and feelings aside, in order to perform an unbiased analysis. But if you mean, do I also check the linear chart, Yes I do. I also check the chart compared with BTC. I will post the linear chart of SC here. Tanx for asking.
igor_1234567
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@SaeedSalehinia, Yes...I was meaning that the logarithmic scale could rocket the price off the charts which for me is unrealistic.1$ at current supply is a total market cap of 50 bil, jumping from current levels 100x seems very unrealistic.I think there are better alternatives there - although tech is very good on Sia.
SaeedSalehinia
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@igor_1234567, You are right. Targets on the logarithmic scale can sometimes be farfetched, and sometimes they are; targets don't reach that high. However, do not fall into the trap of total market cap (TMC). I have seen many coins reaching unimaginable TMC. Take just these coins, for example; Solana started with a price less than $1 and TMC less than 10M, now Solana's price have reached above $190 and TMC more than 85B. Or, Naka, which started at about $1.2 with TMC less than 10M, went down to $0.05 with much, much less TMC, then came up and went above $2.8 with TMC more than 251M. What I mean is that unimaginable TMC can happen in the crypto market, although not always. have to be careful.