Recently crypto memecoin Siren (SIREN) is making waves in the cryptocurrency market with its impressive performance. On March 22, the coin rose by 75.30% in the last 24 hours, even though the crypto market has fallen by 2%.
In fact, market participants have shown great interest in memecoin, as its trading volume increased by 720% to $63.51 million.
The increase in trading volume along with the price indicates that traders and investors may be interested in the current situation.
SIREN: Mixed feelings though he wrote
According to the latest change itBybit, the largest cryptocurrency exchange with more than 70 million users worldwide, listed two SIREN’s Perpetual Futures (SIRENUSDT) in its Innovation area with a power of up to 25x.
However, there is a red flag that can prevent the raising of a SIREN. According to AMBCrypto’s look at the NansenIn the last 24 hours, the top 100 addresses with SIREN meme coin have reduced their assets by 1.28%.
Retail investors also seem to be selling, as seen in the stock market, which has increased by 3.46% over the same period.
This data suggests that major players and retailers may be able to take advantage of recent price increases to preserve profits.
However, intraday traders seem to be following the market, as shown in data from analytics tool CoinGlass. In particular, the group has placed stronger bets on long-term incumbents than long-term incumbents.
At the time of press, SIREN’s main level of closure was at $1.3291 on the downside, where traders built $4.16 million long positions, and at $1.8323 on the upside, where traders built $427.74K short positions.
These positions show that the bulls are dominating memecoin.
Price action and high levels
SIREN’s short-term bias appeared to be strong, which gained AMBCrypto, and it is likely to continue its upward trend. On the four-hour chart, the price of memecoin was $0.995 at the bottom and $1.8702 at the top.
Based on the current situation, a forward rally is possible if the SIREN price clears the $1.8702 resistance and closes the four-hour candle above it. However, failure to do so will help SIREN find support at the $0.9952 level.
In the middle of this big price increase, SIREN’s Relative Strength Index (RSI) reached 92, above the main zone of 75, indicating that the stock is very expensive and may be due to price correction or short-term pullback.
Brief Summary
- SIREN jumped 75.30% in the last 24 hours, beating the broader market, while assets like Bitcoin and Ethereum continued to struggle.
- SIREN’s move follows its regular list of deals on the Bybit exchange.
