Looking at the logarithmic long term Polonienx graph (most data I can get my hands on), we see the lower HA candle wick touched the lower support and bounced off. I would argue the algos are looking at this chart as well, and see the same support lines. I expect Sia
to do well long term but it will be confined by this uptrend channel
( ascending triangle
). I would become fairly worried if the chart broke support. The platform is usable and actively funded and developed, so seeing this coin drop beyond support level
would indicated either massive global selloffs or a major loss in confidence of the platform. I doubt the latter. But that being said this movement to the support line falls inline with my expectations of price movement and gives me comfort we might start seeing light at the end of this tunnel. I would say as price approaches support there is a good case for buying. We still have quite a bit more movement either sideways to down, but we are right up against the support lines. lets see if it can hold.