Siacoin (SC) has seen a major price spike today, with a pump of more than 20%. The price has been trading below the descending trendline since mid-March and is now breaking out.
Such a huge breakout would attract a lot of buying pressure, as it could signal the beginning of a major bullish run.
If the price breakout is successful, it could trigger a long bullish run for the token. From there, we expect the price to have a 30% rally to around $0.0065, where the next major resistance is.
The relative strength index is currently at 56, showing that the price has a lot of room to run in the event of continued bullish momentum.
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The price is already close to the 50 simple moving average, and a decisive break above it could give the bulls more confidence to push the bill higher. The 50 SMA could also be the big difference between the price breaking out of the descending trendline or not.
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The post Why Is Siacoin (SC) Crypto Price Pumping? Bulls Eye Another Double-Digit Spike to This Next Level appeared first on CaptainAltcoin.