After crashing more than 95% following a whale selloff, siren [SIREN] has shown signs of recovery. The memecoin fell to a low of $0.07 days ago after a whale dumped 670 million SIREN worth $64 million.
However, as selling activity cooled, market pressure eased and upside volatility returned. The memecoin rallied to a local high of $0.112 before retracing slightly.
At press time, SIREN traded at $0.109. According to CoinMarketCap, the token was up 54% over the past day and 36% over the past hour.
Despite these gains, the memecoin remained below all major moving averages, signaling persistent bearish pressure.
Are buyers returning to SIREN?
As SIREN dropped to recent lows, spot buyers stepped in and continued accumulating the dip.
In fact, funds have continued flowing out of exchanges over the past three days. As a result, the memecoin’s Spot Netflow remained negative.
Over the past day, SIREN recorded $623,000 in Spot Outflows, while Spot Inflows totaled $496,000. Consequently, Netflow fell 686% to negative $126,000.
A negative Spot Netflow suggested that buyers outpaced sellers, signaling continued accumulation.
Coupled with that, fear among Binance traders appeared to fade. Market participants on the exchange showed a stronger appetite for risk.
The Long/Short Ratio on Binance averaged 4. Top Trader Accounts stood at 4.6, while Top Trader Positions reached 4.2. Such elevated readings suggested that traders remained heavily biased toward long positions and anticipated further upside.
Taken together, these conditions pointed to improving sentiment, which could support a broader recovery.
Can the recovery continue?
Even so, the broader market structure remained weak despite the recent bounce.
In fact, bears continued to dominate price action. SIREN’s Relative Strength Index (RSI) remained deep in bearish territory and hovered near oversold levels.
At 33, the RSI suggested that selling pressure remained strong. Recent dip-buying activity had yet to fully influence momentum. Likewise, the Bulls vs Bears indicator remained negative, further reinforcing bearish control.
Under these conditions, SIREN could remain vulnerable to additional weakness.
Therefore, the memecoin could slip below $0.10 and seek support near $0.05. However, if the $0.07 level holds, SIREN could attempt a move toward $0.14.
Final Summary
- SIREN showed signs of recovery after a whale-driven collapse, with spot buyers accumulating and Binance traders turning increasingly bullish.
- However, the memecoin remained below key moving averages, while the RSI and Bulls vs Bears indicator continued to reflect bearish market conditions.
