- Siren crypto price has plunged by over 70% in the last 24 hours.
- Data shows that whales have continued dumping the token.
- The futures open interest and liquidations have been thin.
The Siren crypto price has crashed, making it one of the worst-performing coins in the industry. SIREN token fell for six consecutive days, reaching its lowest level since April this year. It has plunged 96% from its year-to-date high, with its market capitalization falling from $1.7 billion to $102 million.
Siren Price Has Crashed Amid Whale Buying
Siren has always been a mysterious coin, surging to become one of the top players in the crypto industry. Its surge happened in a period of low volume, a sign of weak demand. Most notably, activity in the futures market has constantly been thin. Its peak futures open interest peaked at over $67 million, a figure that has slumped to $30 million today.
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Most importantly, one would expect that such big swings would lead to substantial liquidations. In contrast, the 24-hour liquidation was just $1.4 million despite the token crashing by over 70% in the last 24 hours. In most cases, such a big crash should lead to a surge in liquidations.
The ongoing Siren price collapse is happening as whales continue dumping, in a classic sign of a pump-and-dump scheme. According to LookOnChain, one whale has made over $7.5 million dumping these tokens. The whale still holds over 595 million tokens.
Siren has always been mysterious because of its ghost chain status. It has no utility and website, and its climb has always confounded crypto analysts. This is similar to how popular coins like Audiera and Humanity Protocol jumped and then plunged.
Siren Crypto Price Prediction: Technical Analysis
The daily chart shows that the Siren crypto price has slumped in the past few weeks. This crash happened after it formed a double-top pattern at $1.3323 and a neckline at $0.4565. A double-top is one of the most common bearish reversal sign.
The coin has crashed below all moving averages, while the Relative Strength Index (RSI) has plunged. Therefore, the path of the least resistance for the Siren token will likely continue falling, potentially to the key support at $0.100.
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