Siacoin Fails to Sustain Bullish Signs Amid Narrowing Bands

Summary
• Price action shows consolidation around 0.00122–0.00123 with failed bullish attempts.
• RSI indicates oversold conditions, but momentum lacks follow-through.
• Bollinger Bands narrow late into the session, hinting at potential breakout.
• Volatility spikes early in the 5-minute chart but cools into the overnight session.
• A bullish engulfing pattern appears at 0.001215–0.001223 but fails to sustain.

Price and Volume Summary

At 12:00 ET–1 on 2026-02-06, Siacoin/Tether (SCUSDT) opened at 0.001231 and reached a high of 0.001256 before closing at 0.001208 by 12:00 ET on 2026-02-07. The 24-hour trading range was 0.001201 to 0.001256. Total volume amounted to 78,526,422.0 and turnover totaled approximately 96,739.86 USDT.

Structure & Formations

Price formed a series of failed bullish attempts, most notably between 0.001242 and 0.001247, where it failed to break through and consolidate below. A bearish reversal pattern was observed near 0.001242, followed by a bullish engulfing formation at 0.001215–0.001223, which failed to sustain a move higher. Key support levels appear at 0.001220 and 0.001210, while resistance remains at 0.001235 and 0.001240.

Moving Averages

On the 5-minute chart, price briefly crossed above the 20-period moving average but remained below the 50-period line, suggesting short-term bearish bias. On the daily scale, the 50-period MA is at 0.001225, and the 200-period MA is at 0.001218, with price currently sitting just below the 50-period line, hinting at potential near-term pressure.

Momentum and Oscillators

RSI reached an oversold reading of 30 during the early overnight hours but failed to generate a meaningful rebound, suggesting lack of bullish conviction. MACD lines showed a bearish crossover in the late evening, with the histogram tightening as the session progressed, indicating weakening momentum.

Volatility and Bollinger Bands

Bollinger Bands narrowed significantly overnight, particularly between 03:00 and 06:00 ET, pointing to a period of consolidation and potential for a breakout. Price closed just below the middle band, suggesting a potential bearish bias in the near term.

Volume and Turnover

Volume spiked in the 5-minute chart around 19:00–20:00 ET, coinciding with a failed rally from 0.001224 to 0.001242, and again in the early morning hours from 04:00–07:00 ET, as price drifted lower. However, the volume of these moves failed to confirm a strong directional bias, suggesting indecision among traders.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 5-minute high (0.001256) and low (0.001210), key levels sit at 0.001232 (38.2%) and 0.001223 (61.8%). Price appears to have tested the 61.8% level twice without sustaining a breakout, suggesting resistance at that level could remain intact.

Price may test the 0.001220–0.001225 range in the next 24 hours for a potential consolidation or reversal. However, given the lack of sustained momentum and weak volume confirmation, the risk of further downside to 0.001210 remains if short-term support fails to hold.