Most already familiar with a Siacoin, which is a decentralized cloud data storage service similar, but not the same as Amazon S3 or Dropbox or Google Drive. It is similar because they all offer a cloud storage, although Siacoin is private and totally decentralized. In addition to that its a way cheaper than most used online cloud storage services.
So does it has a potential for a wide use in the near or a long-term future? Hell yes! This project could become something big, something huge.
The current price of a Siacoin is $0.004 and this price does look very cheap, meaning attractive for investors, especially if its supported by technical analysis.
Looking at the Siacoin/USD chart, it found a support at $0.0035, which is 327.2% Fibonacci retracement level of a corrective wave after a downtrend trendline breakout. The price has been moving sideways and the support has been rejected three times since September, suggesting that there is, in fact, a strong support and buyers could be getting ready to jump in. The RSI formed a bullish divergence adding extra confirmation for a potential growth in the near future.
The price could either revers to the upside for the long term or at least provide a 100-200% profit.
Although the price is very attractive, break below current support should invalidate this view and could send Siacoin lower.