Syscoin Price Up by 9.91%- Time to Buy SYS Coin?

The SYS price has been on a significant uptrend recently, causing excitement amongst new and existing investors. The asset has continued to impress market analysts, and there is a lot of hope that it will eventually rise among the ranks of cryptocurrency projects. If the SYS price looks attractive enough for you to pick some up, you want to make sure that everything aligns as you invest.

Syscoin: The Swiss Army Knife of Blockchains

Syscoin is an impressive blockchain platform created in 2014 as a fork of the original Bitcoin blockchain. The platform offers many benefits, including high throughput and interoperability with several other blockchain platforms.

While cryptocurrency support and trading are primary tenets on which Syscoin was founded, the blockchain has since developed to allow enterprise solutions and incorporate functionality for different purposes. It eliminates the high fees charged by several of its rivals by offering its native cryptocurrency – SYS – for payments on its platform and ecosystem.

The blockchain also supports smart contracts, ensuring that anyone can build decentralized applications (dApps) seamlessly. These functionalities have made Syscoin the “Swiss Army Knife” of blockchains – versatile, scalable, and multifaceted.

At the centre of Syscoin’s operation is SYS – its native token. The asset can be used for different things, including payments and fee settlements and staking. The more the coin is used, the greater the SYS price. Like many other blockchain-based tokens, the SYS price has jumped significantly in 2021 as adoption rise.

SYS: Coin Market Position

SYS has had an impressive year so far. The coin started 2021 trading at $0.06, and its price soon began to rally following the market rally. As of May 5, the SYS price hit an all-time high of $0.89. The market downturn took it down to$0.12 that same month, although SYS bottomed out at $0.09 in June.

But, like most other cryptocurrencies, the SYS price has been on an upsurge in the past two months – as evidenced by the coin’s 114.2 percent jump since August.

At a current price of 40.30, the SYS price is up 9.91 percent in the past day and 14.44 percent in the past week. The daily trading volumes for SYS stand at 25.9 million, up 316.5 percent in the past day. The coin’s circulating supply is 619.59 million.

SYS: Coin Price Analysis

Looking into its technicals, SYS appears to be holding firm. The coin is trading above its major moving average (MA) indicators, from its 10-day MA of $0.28 to its 200-day MA of $0.25. SYS’s moving average convergence divergence (MACD) is also positive, showing a healthy buy signal. Over the past few days, the coin’s performance has helped it, so it remains positioned for even bigger gains.

SYS has a relative strength index (RSI) of 55.79. The metric has been rising for three days straight, showing increased interest from investors. But, it remains underbought for a cryptocurrency, so you can feel confident about making a purchase.

Part of the gains appears to be coming from SYS’s listing on several top exchanges. Earlier today, Syscoin developers announced that SYS had been listed on Binance and Gate.io. Customers have also clamoured for the coin to be listed on Coinbase – at which point, investors will be looking to see if the ‘Coinbase Effect’ rubs off on SYS.

Syscoin has also been touting the chain’s smart contract compatibility, calling for developers to build on the chain. Several ‘Ethereum killers’ have been making plays to attract developers, and Syscoin appears to be throwing its hat into the ring.

Buy SYS at eToro from just $50 Now!