On Wednesday, SIREN coin, a BSC-based memecoin, surged by more than 110% after falling from $2.5 to a low of $0.79. The fall came after an analyst on Bubblemaps revealed a possible price manipulation and dump. It was seen that SIREN supply has a wallet cluster controlling 644 million of 728 million circulating tokens (88%), and 90% of its accumulation was on a group of wallets.
But today, SIREN reacted inversely against the market prediction of further slide down. The price is currently trading at $2.21 with trading volume at -16%.
This altcoin is clearly under the FOMO stage among the crypto traders. Per the data on Coinpedia Markets, the trading volume was down 40% and at the time of writing is nearly 16%.
Usually the price surge supported by rising trading volume shows its conviction and organic growth, but in the case of SIREN crypto the volume moment indicates a bearish concern in future sessions.
Short-term and mid-term indicators turned bullish
As we see the SIREN/USDT Day Chart and 4 hour chart, this memecoins Ichimouku Indicator that shows direction of price states a neutral to bullish statement. The price trading above and below the cloud, presenting a neutral to bullish approach.
The momentum indicator has turned from negative to positive for the day at 1.5 above the zero line and is at -1.3 for the 4-hour frame with upward direction, reflecting a short-term correction or reversal.
These pattern movements represent a stable buying pressure with holders, buyers’ sentiment still positive on the coin crossing being $3.
Derivatives Speaks Negative for Siren.
The Coinglass Data for Siren coins open interest continues declining at press time after falling nearly 40% in 24 hours.
This pattern, where the assets’ open interest is declining, and the price is above 100% up, shows traders aren’t opening new ones, but closing the positions.
Also shows that no fresh capital is coming from leveraged traders; instead, the old positions are holding all the base. This is riskier for future price moments.
Also, the negative funding rates since 14 March for SIREN coin are a big blow to new participants. Negative funding rates meant the short position holders are paying longs, indicating a bearish sentiment.
SIREN needs a strong close above resistance.
The live chart movement for SIREN coin prints a sold reistacne at $2.37 that is a 0.5 Fibonacci retracement and a support at $1.8.
If the Volume turns green and one green close, do Derivates markert will change the market sentiment, beginning fresh capital. A further close below $1.8 will drive the rally near $1.
SIREN coin will gain potential to break above the resistance at 0.5 Fibonnaci, $2.92 is the next resistance, and if social Media sentiment continues stronger, we can see $3 on the cards for Siren memecoin cryptocurrency.
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