Syscoin Price Analysis: Why SYS Coin Will Rechallenge The $0.886 High?

Syscoin Price Analysis: Why SYS Coin Will Rechallenge The $0.886 High?

The SYS coin indicates an overall uptrend in its technical chart. The coin has recently been through a usual correction phase and is now recovering to continue this rally. First, the price needs to overcome the 0.7 resistance before changeling the previous swing high of $0.896(23.52% up).

SYS/USD Daily Time Frame Chart

Source- SYS/USD chart by Tradingview

Past Performance or Trend-

The SYS coin indicated a remarkable rally in November, providing a gain of 181% and a new swing high to the $0.9 mark. However, December brought a correction phase to this coin, which plunged its price to the 0.618 Fibonacci level or $0.54 mark.

$0.7 Resistance Stands As A Hurdle For Potential 23% gain

The SYS coin obtained sufficient support from the $0.54 level and initiated a price recovery. So far, the price is up by 27% from the bottom support and is trying to breach a significant resistance of $0.7.

The coin price has provided a 4-hr candle closing above this $0.7 resistance. However, this breakout was not so prominent, and the chart also displays some higher price rejection candles, indicating the selling pressure above this level. Therefore, the crypto might have to wait for daily candle closing to confirm this breakout.

SYS/USD 4-hour Time Frame Chart

Source- SYS/USD chart by Tradingview

Technical indicators-

The crucial EMAs(20 and 50) indicate a strong uptrend in the SYS coin, where the 20 EMA line provides dynamic support in a strong trending market, and the 50 EMA line covers the extended pullbacks.

The daily Relative Strength Index(59) maintains a bullish sentiment for the coin as its value sustains above the neutral level(50).

According to traditional pivot levels of the 4-hr chart, the coin traders can expect the nearest resistance for the SYS price at $0.83, followed by $0.93. As for the opposite end, the support levels are $0.66 and $0.5.

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