The recently launched crypto memecoin Siren (SIREN) is making a splash in the cryptocurrency market with its impressive performance. On March 22, while the broader crypto market recorded a decline of 2%, the cryptocurrency rose a remarkable 75.30% in the last 24 hours.
In fact, market participants showed significant interest in memecoin as trading volume increased by over 720% to $63.51 million.
Increasing trading volume as well as price indicates that traders and investors may be interested in the current trend.
SIREN: Mixed feelings despite listing
According to the latest information updateBybit, a major cryptocurrency exchange with over 70 million users worldwide, has listed SIREN’s Perpetual Futures (SIRENUSDT) pair in the Innovation Zone with up to 25x leverage.
However, there is a red flag that could restrict SIREN’s upward movement. From AMBCrypto’s point of view NansenOver the last 24 hours, the assets of the top 100 addresses holding the SIREN meme coin decreased by 1.28%.
Retail owners also appear to be selling, which is reflected in foreign exchange reserves increasing by over 3.46% in the same period.
This data shows that both major players and individual investors can take advantage of the recent price increase to make profits.
However, intraday traders appear to be following the market trend, according to data from derivatives analysis tool CoinGlass. Notably, this group placed stronger bets on long leveraged positions than on short leveraged positions.
At the time of writing, SIREN’s main liquidation level was $1.3291 on the lower side, where investors created long leveraged positions worth $4.16 million, and $1.8323 on the upper side, where investors formed short leveraged positions worth $427.74 thousand.
These positions show that bulls are currently dominating memecoin.
Price action and key levels
According to AMBCrypto, SIREN’s short-term trend is bullish and it is likely to continue its upward momentum. On the four-hour chart, memecoin’s key levels were $0.995 on the lower side and $1.8702 on the upper side.
Based on the current price action, an upside move is only possible if SIREN price breaks the $1.8702 resistance and closes a four-hour candle above it. However, failure to do this will allow SIREN to find support at $0.9952.
Amidst this massive price increase, SIREN’s Relative Strength Index (RSI) reached 92, well above the key threshold of 75; This signals that the asset is heavily overbought and could be due for a potential price correction or short-term pullback.
Final Summary
- SIREN is up over 75.30% in the last 24 hours, outpacing the broader market trend where assets like Bitcoin and Ethereum continue to struggle.
- SIREN’s upward move follows the listing of perpetual futures contracts on the Bybit exchange.
