Siacoin (SC) has weakened from $0.0052 to $0.038 since August 11, 2022, and the current price stands at $0.0039.
The cryptocurrency market tumbled this Friday after Federal Reserve Chair Jerome Powell’s hawkish speech at the Jackson Hole conference in Wyoming, and for now, everything indicates that we could see new lows.
A decentralized platform for cloud storage
Siacoin (SC) is a decentralized platform for cloud storage that allows any computer running it to rent out unused hard drive space to users looking to store files.
Because of this, Siacoin is branded as an “AirBnB for hard drives,” and it is important to say that Siacoin ensures that all data is protected against censorship theft and the users are never denied access to the data by miners, hackers, government bodies, or developers.
Siacoin network is secured by blockchain technology, and files stored through the Sia network are encrypted and sliced into tiny pieces.
Siacoin is not the only cryptocurrency project seeking to disrupt the storage market, and it faces competition from other decentralized cloud storage systems like Filecoin, Storj, and MaidSafe.
Despite this, Siacoin is still among the most popular service networks of its kind, and it resolves some of the most common problems in the sector of cloud storage, including hacking risks, high costs for renting storage, data control, and data mismanagement.
SC is the native cryptocurrency of the Siacoin network, and those looking to store files must buy and spend SC tokens in order to store files. SC is the only currency that can be spent within the network, and investors should consider that SC doesn’t have a finite supply, which means that new SC can be mined infinitely.
Technically looking, Siacoin (SC) remains under pressure, and if you decide to buy this cryptocurrency in September 2022, you should consider that the price can weaken even more.
The cryptocurrency market tumbled this Friday after Federal Reserve Chair Jerome Powell’s said at the Jackson Hole conference in Wyoming that the US central bank would not pause its campaign to bring price growth down.
The rising risks of the recession and the uncertainty because of the Russian-Ukrainian war remain in the focus of investors, and we will probably see new lows for the cryptocurrency market in the days ahead.
Technical analysis
Siacoin (SC) currently trades around the $0.0039 level, but it would be a strong sell signal if the price falls below $0.0030 support.
The next price target could be around $0.0025 or even below; still, if the price jumps above $0.0060, we have the open way to $0.0070.
Summary
Siacoin (SC) is a decentralized platform for cloud storage that allows anyone to rent out spare hard drive space or utilize other people’s spare hard drive space to store files. The cryptocurrency market tumbled this Friday after Federal Reserve Chair Jerome Powell’s hawkish speech at the Jackson Hole conference in Wyoming, and for now, everything indicates that we could see new lows for Siacoin (SC).
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from Cryptocurrency – Invezz
