After five straight days of decline, Siren (SIREN) finally found support and turned around. Memecoin hit the bottom of $0.13, defended the level of $0.20, rose to $0.27, and then returned.
At the time of writing, SIREN was trading at $0.21, up 18.9% on the daily chart. During the same period, its sales increased by 66% to $56 million, indicating a greater participation in the market.
SIREN consumers protect high levels
After SIREN broke below $0.2 and strengthened below this key level, buyers rushed to accumulate during the dip.
At press time, SIREN recorded 623 million in Buy Volume compared to 605 million in Sell Volume. As a result, memecoin’s Buy Sell Delta became positive. At the same time, the number of investment funds rose to 105 million, a clear sign of dangerous accumulation.
In addition, exchange activities were also associated with this shopping activity. CoinGlass data showed that more than $10 million went out of the exchange, while $8.2 million went into it.
The netflow of memecoin decreased by 1021% to $1.93 million, which shows that the market is in high demand. In general, excess outflows reduce supply, increasing oversupply and thus driving up commodity prices.
Risk appetite is recovering
In addition to the increase in the demand for real estate, entrepreneurs have shown a great deal of risk as they search for the right location.
SIREN’s Open Interest (OI) increased 33% to $58 million, while Derivatives volume increased 78% to $612 million. Such a jump in OI on the side of volume indicated increased market share and increased profitability in the futures market.
Memecoin recorded $250 million in futures inflows, with $248 million in outflows. As a result, net traffic dropped but remained healthy at $2.29 million at press time.
Meanwhile, Memecoin’s Long Short Ratio rose to 1.0008, with Binance leading with 2.11. An average ratio of 1.5 indicates a greater need for long positions and higher prospects. However, the foreclosure risk also increased, with more than $1 million being liquidated.
Why memecoin remains low
SIREN saw a shift where buyers in the market rushed to protect the high prices. Despite recent gains, memecoin remains firmly in bearish territory.
The Relative Strength Index (RSI) has fallen consistently, falling from 56 to 42 at press time. Such declines indicate that buyers are losing control of the market, while sellers have become very strong.
Further, SIREN remains below the current short and long term, confirming the bearish power. Under these conditions, the previous requirements should be strengthened to solve the problem.
By doing this, memecoin can hold strongly above $0.2, turn to $0.32 in a short time, and follow the next $0.5. To see a big recovery, bulls should make sure that SIREN closes above $0.7.
Failure to do so, especially with the current situation, can cause memecoin slipped below $0.20, and $0.13 as a key support level.
Brief Summary
- Siren showed a reversal after a 5-day downtrend, protecting the support area of $0.2 following an 18% operation.
- SIREN saw increased demand across the market, but momentum remains low, and the risk of a pullback remains strong.
