Here’s why Siren (SIREN) climb 75% in 24 hours

Recently launched crypto memecoin Siren [SIREN] is making waves in the cryptocurrency market with its impressive performance. On the 22nd of March, the coin surged by a remarkable 75.30% over the past 24 hours, even as the broader crypto market recorded a 2% decline.

In fact, market participants have shown significant interest in the memecoin, as its trading volume surged by over 720% to $63.51 million.

Rising trading volume alongside price indicates that traders and investors may be interested in the current trend.

SIREN: Mixed sentiment despite listing

According to the latest update, Bybit, a major cryptocurrency exchange with over 70 million users worldwide, has listed SIREN’s Perpetual Futures (SIRENUSDT) pair in its Innovation Zone with up to 25x leverage.

However, there is a red flag that could constrain SIREN’s upward movement. According to AMBCrypto’s look at Nansen, over the past 24 hours, the top 100 addresses holding the SIREN meme coin have reduced their holdings by 1.28%.

Retail holders also seem to be selling, as reflected in exchange reserves, which have increased by over 3.46% during the same period. 

This data suggests that both large players and retail investors may be taking advantage of the recent price surge to book profits.

However, intraday traders seem to be following the market trend, as reflected in data from the derivatives analytics tool CoinGlass. Notably, this cohort has placed stronger bets on long-leveraged positions than on short-leveraged positions.

At press time, SIREN’s major liquidation level was at $1.3291 on the lower side, where traders have built a massive $4.16 million worth of long-leveraged positions, and at $1.8323 on the upper side, where traders have built $427.74K worth of short-leveraged positions.

These positions indicate that bulls are currently dominating the memecoin.

Price action and key levels 

SIREN’s short-term bias appeared bullish, found AMBCrypto, and it could likely continue its upward momentum. On the four-hour chart, the 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 rally is only possible if the SIREN price clears the $1.8702 resistance and closes a four-hour candle above it. However, a failure to do so will enable SIREN to find support at the $0.9952 level.

Amid this massive price uptick, SIREN’s Relative Strength Index (RSI) reached 92, well above the key threshold of 75, indicating that the asset is heavily overbought and may be due for a potential price correction or short-term pullback.

Final Summary

• SIREN has jumped over 75.30% in the past 24 hours, outperforming the broader market trend, where assets like Bitcoin and Ethereum continued to struggle.
• SIREN’s upside move follows its perpetual futures contract listing on the Bybit exchange.