Will the bulls reach for Sirin Labs Token (SRN) once again?

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Sirin Labs Token (SRN) started off the year at a price level of $0.026 and after staying near stagnant for much of the first month of the year, the cryptocurrency picked up the pace and surged upwards. The cryptocurrency established its 52-week high at $0.11 during March; however, Sirin Labs Token could not sustain its price and fell drastically. The coin fell to a price of $0.053. after a brief, upward move Sirin Labs Token has once again departed on a downward trend.

Even though the cryptocurrency is on a downward move, Sirin Labs Token has given a good performance. In the yearly window, the cryptocurrency’s performance has gone up by almost 500%. The market sentiment has turned bearish as the technical indicators give out a signal of sell. Out of the total technical indicators, ten are standing at neutral and ten are at sell position while buy indications are only six. The oscillators are mainly neutral while the Moving Averages are standing at sell indication.

The cryptocurrency is facing a strong Fibonacci resistance at the price level of $0.088 followed by $0.10 and $0.13. In the daily time frame, the price of the cryptocurrency fell by around 2%; however, the daily trading volume has gone up by 1600%.

Major Developments

The aim of the firm is to become the bridge between the block chain economy and the mass market through its various innovative offerings. The Sirin Labs Token is used to buy Sirin Labs products.

Sirin Labs has recently launched the first block chain smartphone – Finney. The smart phone runs on Sirin OS and is said to be ultra-secure. The phone comes with a built-in cold storage cryptocurrency wallet and is designed to make cryptocurrency transactions easier.

Sirin Labs has faced quite a few controversies in the past. Many times, the cryptocurrency has ended up being scrutinized. Moshe Hogeg the Chief Executive of Sirin Labs has been a controversial figure with plenty of lawsuits under his belt. After the new block chain smartphone was launched, it was reported the Hogeg was sued for $6 million by Sirin Lab’s partner organisation Foxconn International Holdings for unpaid bills of manufacturing. The CEO had also cut half of his workforce after a $50 million lawsuit was filed against him which alleged fraud against investors.

Despite the controversial past of the firm, Sirin Labs Token has shown a good performance which may indicate that the bad days of the cryptocurrency may be over. Time will tell whether the cryptocurrency will be able to, once again, reach out for the bulls and skirt close to its all-time high.

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