Since SIAcoin started trading on Poloniex in September, 2015, the range between 38-40 Satoshi has acted as resistance about five times. On May 19th, the market finally broke above this big resistance range. It is recommended for every trader to be aware of the technical significance of this price range, as this area may act as a support buffer at some point in the future.
While the SIAcoin exchange rate hit an all-time high of 79 Satoshi on May 21st, a few new pivot zones were formed in the process. For example, since the 19th, the 62 Satoshi level has been used as resistance on multiple occasions, as well as support. The market is now trading underneath this price level, therefore, the 62 Satoshi area may now act as resistance again.
Additionally, I would say that 55 Satoshi is the most important level at this time. Price briefly slipped underneath this zone on the 20th, but for the most part, the SIAcoin exchange rate has been trading above it. If the market starts trending under 55 Satoshi at some point over the next few days, I would not be surprised to see a sell-off down to the big pivot range between 38-40 Satoshi. The market rose so rapidly on the 19th, there really aren’t any important technical areas between 55-40 Satoshi, just a big gap.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_sc
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