Majority of cryptocurrencies including Bitcoin, Ethereum, and others in top 30 continued to consolidate throughout the weekend. But there’s been one altcoin which saw rapid gains. Siacoin, ranking 29th in terms of coin market cap, gained 16.60% on Sunday after ranging for 4 consecutive days.
What is SiaCoin?
Sia is tapping on the hot cloud storage industry, aiming to reinvent it. Their technology connects users who need to file storage with hosts worldwide offering underutilized hard drive capacity.
Sia’s blockchain technology secures their data and enables improved economics for users and hosts. In other words, Sia takes cloud storage out of the hands of providers and puts it back into the hands of individuals. Sia’s platform consists of both providers and clients.
The ecosystem will provide flexible storage options and will be largely free-market driven.
How Does it Work?
Unlike other cryptocurrencies that require proof of work or proof of stake, Sia implements proof of storage to protect clients from fraudulent or malicious providers.
Sia’s investors include Raptor, First Star Ventures, Fenbushi Capital, and INBlockchain.
SiaCoin's Price Action
SiaCoin or SC is currently trading at 0.015 again the USD, well below its all-time high level of 0.115 from back in January 2018. Today’s gains have brought the pair closer to a key resistance level. The next resistance level is set at 0.030.
SC/USD remains below the thick, daily Ichimoku cloud, and appears to have formed a reverse head-and-shoulder chart pattern.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
*This article was originally published on Invest Diva