Syscoin (SYS) price prediction: How high can it go?
The cryptocurrency market has been bearish since the start of 2022. Bitcoin (BTC) and ethereum (ETH) failed to gain momentum and lost 3.22% and 0.25%, respectively, in the last seven days, according to CoinMarketCap.
Syscoin, on the other hand, had a strong start to 2022, reaching a fresh all-time high of $1.31 on 2 January. Syscoin was trading at $1.17 at the time of writing (5 January), down 10.6% from its all-time high.
Can it continue its bullish price action in the coming days? This article covers fundamental and technical analysis to help you gauge a plausible Syscoin price prediction.
What is Syscoin?
Syscoin is a proof-of-work blockchain with two layers that provides infrastructure for the development of Web 3.0 apps.
Syscoin is merged-mined with Bitcoin and functions alongside Ethereum through the NEVM smart contract architecture.
Merged mining enables miners to mine several blockchains concurrently, saving energy and cost. The term NEVM refers to the Network-Enhanced Virtual Machine, which drives Syscoin's smart contract layer and allows the development of decentralised applications on top of the Syscoin blockchain.
Syscoin's 20% hashing power is used to mine bitcoin, adding to the overall security. In addition, Syscoin aims to recruit more bitcoin miners to provide one of the most secure settlement layers possible.
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SYS/USD price analysis
Syscoin earned a promising start to 2022, reaching an all-time high of $1.31 on 2 January. According to CoinMarketCap’s data, as of 5 January, SYS has returned a ROI of 57,513% since its inception. However, since its launch in 2014, it has been a very volatile cryptocurrency with several periods of ups and downs.
Between October 2017 and January 2018, Syscoin moved in an uptrend, gaining more than 500%. It reached $0.97 by 13 January 2018. However, the price fell to $0.03 by 11 December 2018, a more than 96% drop in value.
2019 and early 2020 didn’t prove fruitful for Syscoin as its value continued to fall to $0.012 by 16 March 2020.
Bulls finally took hold and aggressively pushed the prices to $0.12 by 23 July 2020, a more than 900% spike. The rally didn’t sustain. Prices fell to $0.03 by 7 November 2020. It ended the year at $0.06, as of 31 December 2020.
In 2021, Syscoin saw multiple rallies and retracements. Syscoin moved from $0.062 on 1 January 2021 to $0.45 by 15 April 2021, increasing more than 600%. The prices bottomed to $0.27 by 25 April 2021.
Between the last week of April and early May, prices showed a bullish momentum, and SYS reached $0.76 by 5 May 2021. The price fell to $0.10 by 19 July.
Bulls became active from the last week of July 2021 to early September. The price rallied to $0.42 by 6 September. The price then fell to $0.27 by 15 October 2021.
Syscoin ended 2021 on a bullish note, closing at $0.95 on 31 December. It maintained bullish price action until 2 January, when it hit its peak.
Syscoin news and price drivers
Syscoin’s developing team has shared several significant news items lately that could drive the SYS token price:
Collaboration with Microsoft Azure
In March 2017, Syscoin launched three blockchain products on Microsoft Azure: Syscoin Full Node, Syscoin Price Peg Server and Syscoin API Server.
These products enabled developers to build blockchain-enabled applications by leveraging Syscoin's suite of decentralised business services, which includes digital certificates, secure messaging, marketplace offers, payments, and escrow transactions.
We are now Microsoft Certified and offer the largest selection of blockchain products on Azure. https://t.co/xfxHAiQvzY
— Syscoin (@syscoin) March 30, 2017
Partnership with Corion
In August 2020, the Syscoin Foundation partnered with the non-profit Corion Foundation.
Syscoin and Corion aimed to expand the use cases for cryptocurrencies and stablecoins by developing asset-backed digital tokens on the blockchain to lower costs, streamline compliance, improve user experience and increase adoption.
The official announcement stated that this cooperation aspired to empower the cryptocurrency community by providing professional portfolio management services for their digital asset investments.
Collaboration with Blockchain Intelligence Group
In November 2021, Blockchain Intelligence Group, a cryptocurrency compliance and intelligence organisation, collaborated with Syscoin to completely incorporate Syscoin into its ecosystem.
Phase 1 launch of NEVM
In December 2021, Syscoin announced the launch of Layer 1 Ethereum Virtual Machine (EVM) smart contracts. It enables Syscoin users to transfer their Ethereum-based projects to the Syscoin Platform and save on transaction costs.
Additionally, the Syscoin NEVM phase one will introduce the world's first blockchain capable of powering the metaverse, smart cities, and hosting public and private organisations' requirements.
Strategic alliance with Oraichain
Syscoin announced a partnership with Oraichain in December 2021. Oraichain is the world's first AI oracle and blockchain ecosystem. It offers AI price feed, NFT copyright protection and royalty protocol services.
The strategic relationship between Oraichain and Syscoin centred on integrating Syscoin's NEVM into Oraichain's network, bringing these two ecosystems together to provide new possibilities for Web 3.0, Metaverse, DeFi, and NFTs.
Syscoin (SYS) price prediction: Targets for 2022, 2025 and 2030
Short-term Syscoin technical analysis from CoinCodex was bullish, with 28 indicators giving bullish signals and three bearish signals, as of 5 January 2022.
All the daily and weekly simple moving averages and exponential moving averages were giving 'buy' signals. While the hull moving average (HMA), relative strength index (RSI) and stochastic RSI were giving 'sell' signals. Meanwhile, the ultimate oscillator and moving average convergence divergence (MACD) kept neutral.
According to a short-term SYS crypto price prediction by CoinCodex, it could fall by 20.48% to $0.950815 by 10 January.
Meanwhile, several algorithm-based forecasting services shared bullish long-term syscoin crypto forecasts, as of 5 January:
Wallet Investor estimated the average price of SYS to reach $1.52 by the end of 2022 and $2.38 by the end of 2025. The five-year SYS/USD forecast suggested it could hit $2.67 in January 2027.
According to DigitalCoin, SYS could hit an average of $1.66 in 2022, $2.59 in 2025 and $5.1 in 2029.
Similarly, Price Prediction believed the average price of SYS could hit $3.40 in 2022, $10.52 in 2025 and reach as high as $68.80 in 2030.
When looking for syscoin predictions, bear in mind that analysts and algorithm-based forecasters can be wrong. Their syscoin projections are based on making fundamental and technical studies of a cryptocurrency's past performance. Past performance is no guarantee of future results.
It's important to do your own research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio, and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
FAQ
Is Syscoin a good investment?
Syscoin is built on Bitcoin and Ethereum and serves multiple use cases in various crypto sectors such as NFT, Web 3.0 and metaverse. It has secured many high-profile partnerships, such as Microsoft Azure. Still, whether the SYS token is a good fit for your investment portfolio depends on your circumstances and risk tolerance. You should estimate the level of risk you are ready to take before investing. And never invest money that you cannot afford to lose.
Will Syscoin go up?
According to the syscoin crypto forecast of Price Prediction (as of 5 January 2022), SYS could hit $68.80 by 2030.
Will Syscoin reach $100?
Algorithmic forecasting tools, including Wallet Investor, DigitalCoin and Price Prediction (as of 5 January) suggest the coin had potential for future gains. Their price targets varied greatly. Price Prediction estimated that Syscoin could exceed $100 by 2031.
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