Note: Amateur/rookie opinion.
The timescale of SC price movement will change depending on BTC/USD price movement
Fundamentals:
-decentralised and distributed storage (actual real use case of blockchain tech)
-very popular crypto in the community
-Long-term wants to compete with Amazon and Microsoft cloud services, offers competitive rates once updates and bug fixes are released later in the year when services receive speed boost
-Strong capable startup team (already been in the space for a long time)
-Recent cleaner UI
- a lot of other competition in this space (BLZ, STORJ)
- recently offering Tokenized Security Offering (TSO), 750 siafunds to be auctioned to investors
Technicals:
-Fractal #2 is still finishing a descending wedge possibly similar to fractal #1 (still confirming, otherwise bullish)
-long-term cup and handle forming and perhaps a potential double cup might form depending on BTC's performance (bullish)
-Personal prediction (not fact), price will continue to drop before volume returns and price bounces to start potentially primary wave 2
-RSI is currently oversold and could continue in this zone for a few weeks
-buy zone between 94-153
Opinion:
Long-term bullish, short-term bearish continuation before price reversal, dependent on btc/usd, otherwise potentially will continue dropping all the way to the long-term support line as has been posted in previous analyses by community on Tradingview.
Original chart on Tradingview:
https://www.tradingview.com/chart/SCBTC/zsBdg8iG-SC-Potential-Longterm/
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