Siacoin: Is the altcoin ready for a new impulse? Elliott wave analysis

Elliott wave analysis is a powerful tool that helps traders predict future price movements based on market cyclicality. Currently, Siacoin (SC) is forming an extremely interesting structure that may indicate potential growth.

Current situation: completion of wave 4

On the SC/USD chart (1H), I observe the completion of corrective wave (4) within the 5-wave impulse structure of Elliott. The correction developed in an ABCDE format (contracting triangle), which often precedes a strong breakout.

Key signs of completing the correction:

  • Wave (E) has reached the critical support zone.

  • The price is consolidating in a narrow range, indicating liquidity compression.

  • Fibonacci correction levels 0.618-0.786 coincide with the potential reversal zone.

  • The growth potential also coincides with the length of wave A in arithmetic scale, adding further confirmation criteria for the level of $0.11520.

Forecast: wave 5

If the wave structure is confirmed, the next impulse (wave 5) could lead Siacoin to targets:

  • $0.07242 (0.618 Fibonacci extension)

  • $0.11520 (1.0 Fibonacci extension, coinciding with the length of wave A)

  • $0.18440 (1.618 Fibonacci extension)

To confirm the signal, I will monitor:

  1. Breakout of the upper boundary of the triangle.

  2. Increase in volume during the breakout.

  3. Holding the price above the key level of $0.00641.

Conclusion

The current technical picture of Siacoin shows a high probability of completing the correction and transitioning to wave (5). It is important to closely monitor the confirmation of the breakout to assess the strength of the next move.

Disclaimer: This analysis is not financial advice. Always conduct your own research and manage risks accordingly.

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