Here we have $SYS (Syscoin) on a more long term view and outlook. You can see from the dates, $SYS has been here before and has battled through some tough times dating back to it’s launch in 2014. I looked at this coin particularly long term because of it’s tenure and similar patterns.
If you take a look at the above chart, I’ve drawn major support and resistance zones off the weekly view. One thing that stood out was similar pattern in 2018 and 2022 peaks.
History doesn’t repeat itself but it does rhyme and seems like the same is here. Seems like we are going in our accumulation stage as highlighted by the top red arrows. We are currently here:
As with anything thing in crypto as of late, we are in lowest point of the year/cycle. This is no difference and I honestly think we can/will go lower from 0.14 area to 0.00 area potentially. The lower Bollinger Band is still showing tons volatility and has not yet tightly compressed nor are we at extreme oversold levels for RSI as in this area during 2019-2020:
This was near Syscoin’s lowest and I considered this the accumulation phase because right after this multiple strong uptrends occurred pushing prices from 0.008 per coin to over 0.50 per coin and topping at 1.34 per coin. Think on that for a second. And also an interesting note, these pumps did not correlate to Bitcoin rise and fall. Very interesting indeed.
If you are looking for more of a long term hold type crypto project with staying power to accompany the “Big 2”, Syscoin ( $SYS ) seems to be a safe bet especially now with prices at their lows with us entering another accumulation phase. The difference between this and another fly by night altcoin is, this one’s been here before.
Not financial advice. Hotep & Build.