$SIREN In-depth Analysis: After the Crash, Is There Still Opportunity in This Ruin? Beginners, read on.
Today, SIREN experienced another wave of sharp decline, with the current price dropping to around $0.9. Since the cliff-like drop on March 24, the daily amplitude has directly hit 64.4%, and the price has broken through the lower Bollinger Band. After a MACD death cross, it continued to decline, with the RSI reaching an extreme oversold level of 10.23. The trading volume that day also surged to 119 million, a typical scenario of leveraged longs being liquidated.
On-chain data shows that the liquidation heatmap indicates that the main liquidations over the past day were concentrated in the range of 1.5-1.8. The price has now fallen below this level, and the leveraged longs above have basically been cleared out. The 0.9-1.2 area below has begun to see new accumulation of liquidations, which will be the most important battleground in the short term. On the fundamental side, it is now the end of the quarter, and overall liquidity is tight, which affects smaller tokens more significantly.
According to DeFiLlama data, the TVL of the Siren protocol has dropped by about 23% in the past 7 days. If open contracts continue to decrease, it indicates that funds are still flowing out.
My core judgment: The area around 0.9 has now entered a liquidation vacuum zone, and there is a short-term need for a technical rebound. However, the 1.5-1.8 range has now turned from support to strong resistance, and if it rebounds, it is likely to be met with selling pressure from those who are getting out of positions. If a 4-hour bottom formation can develop around 0.88-0.92, there may be short-term opportunities.
In summary, this wave of sharp decline has thoroughly washed out the previous bubble. There is a rebound window in the short term, but to truly strengthen, it still requires volume support and new fundamental news.
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