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The Memecoin market is in decline and has lost around 3% in the last 24 hours. However, the price of Siren (SIREN) increased by 11%. Daily trading volume increased by 159% to $49 million; This is more than 12% of the total market capitalization.
This rise occurred as capital quietly returned to select mid-cap tokens like SIREN. Moreover, tokens on the BNB Smart Chain are also rallying, especially those linked to the AI narrative.
SIREN’s price is close to its ATHs
SIRENThe price chart of has been in an upward trend since the beginning of February. However, memecoin has retreated nearly 70% after reaching its all-time high of $0.61 (ATH).
A brief decline below the 0.618 Fibonacci retracement level resulted in the second wave of the uptrend that began in March.
Since February, SIREN’s price action has remained above the SuperTrend indicator except for the last three days of that month. At the time of this writing, memecoin was approaching $0.61 but the candles had begun to decline.
Moreover, Chaikin Money Flow (CMF) has been increasing for the last two days, indicating capital inflows. Still, the CMF was in negative territory; This is a sign that traders are continuing to withdraw capital as SIREN reaches new highs.
The wick formed in the last candle on the 4-hour chart was a signal that the rally was nearing its end. However, ATH’s breach will push SIREN closer to a $1 billion market cap.
SIREN may not see much buying as Memecoin is trading above the 0.5 Fib retracement level. Experienced investors often purchase tokens at a discount, and these prices were below $0.33.
Stock market supply peaks as popularity index drops
Looking at holder behavior, participants appeared to be sending their tokens to exchanges. Accordingly Nansen AI dataThe foreign exchange balance reached a new peak of 998 million. The figure showed that almost all of the supply was on centralized exchanges (CEXs) or decentralized exchanges (DEXs).
Approximately 5.98 million for daily transfers affected In stock markets – Evidence of impending selling pressure. Such moves often precede sell-offs, especially when prices are rising.
Moreover, the token is losing its popularity, which peaked in February, likely due to competition and a general decline in crypto interest.
According to Rootdata, the Popularity Index has dropped to 91 from a peak of 219 at the time of writing. This data showed that investors were gradually moving away from the token; This is another reason why the rally did not last long.
Simply put, if the memecoin industry as a whole recovers, SIREN could continue to rise up the charts. Otherwise, memecoin may have had an exit pump rally as it approached its peak of $0.61.
Final Summary
- SIREN rose 11%, driven by capital rotation into select mid-cap altcoins and daily volume growth.
- SIREN price is facing a critical test at $0.61, which has started to reject its ongoing rise.
