Siacoin big breakout!

Siacoin broke again and the surge was quite impressive. The drive was led out of Korea on the Upbit exchange with around $50M in volume driving us right past the monthly pivot. We hit TP1 and retraced to the .618 fib and has been holding steady. I expect some consolidation here as we prepare for another leg up towards TP2 at 550-600 sats. The news out today was that SC had a fiat listing added for KRW/SC on the Upbit exchange. Siacoin has added several new exchanges over the past 2 weeks, which is driving additional volumes and interest for the coin. It was back in January when the only real exchanges were Bittrex and Poloniex from its last ATH. Given the additional trading volumes and ever increasing markets for SC, I expect the price to continue accelerating upwards. As I wrote in a past idea, SC is currently dropping exponentially this year towards 11% inflation and then towards 3-4% inflation at the end of 2019. The additional interest in the coin and the drop in inflation will create a perfect storm of price increases, especially as video streaming is about to be released on the platform in 1.3.3 soon.

Of interest, SC is hiring 3 more devs and doubling the size of their development core team. They are already one of the most active programming teams (according to coingecko.com) and we can expect fast and furious development this year as they prepare for end uses to come online by the end of 2018.

Comment:

SC is following the drop in BTC. BTC may be approaching bottom at around $7k. SC is becoming oversold as I've extended the prior weak trend line. Depending on where this bottoms we will possibly create a new trend with BTC rising. I've previously marked the heavy support area at 206 which is still holding. If we break this point we are likely to see 170 sats. If the market recovers from BTC completing its wave consolidation our oversold condition in SC will likely correct quickly to the upside. Monitor closely.