The Exponential Growth of Syscoin (SYS) Smells Fishy: SYS Price Analysis
Syscoin (SYS), ranked 71 on Coinmarketcap, has exhibited a sudden hike in prices today. This hike was regarded as an unusual pattern in the trading charts of SYS by investors. The company asked all exchanges to suspend trading of their tokens while they probed into the issue. According to NewsBTC, over one billion Syscoin was mined from a single block. Though the cryptocurrency’s total supply is set at 888 million. The coin prices were up by 85% before the coins stopped trading.
The hourly trading charts of Syscoin indicates an abrupt hike from the second support level of the day traced at $0.186. Syscoin is currently trading at $0.25 against USD with a market cap of $1.3 billion. The current trading volume is estimated at $2.6 billion. It has risen by 20.80% over the past 24 hours.
Syscoin started a reverse trend after being stagnant for over a week. The significant trading area in the past week was from $0.150 to $0.173. The prices showed a marginal rise yesterday and touched $0.200 level. The prices shot up from $0.267 to $0.465 in under 40 minutes. The 30 EMA line is placed well above the current stock prices signifying an uptrend for the coin.
The prices started tumbling after a key resistance level of $0.329. The buyer pressure plunged as soon as they announced a possible breach in their blockchain. The prices tumbled from the swing high of $0.329 to $0.278 setting a new support level. The charts indicate that the prices show a gradual rise. This suggests that the rumors of a hack didn’t affect the prices.
Binance, the cryptocurrency exchange, has been linked to the crypto coins unexpected rise in prices. Binance suspended their trading after a single Syscoin was purchased for 96 Bitcoin on the exchange. Binance has offered zero trading fees for trading SYS between 2018/07/05 – 2018/07/14 for the traders who were negatively affected during the SYS uptrend.
The incident of one billion Syscoin being mined from a single blockchain can be a cause of concern for investors. However, Syscoin has tweeted that the blockchain is safe and have asked the exchanges to resume trading.
Image via Google
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