$SIREN Siren [SIREN] rallied by 17% in 24 hours and was up nearly 300% over the past week. This extraordinary performance in the short term has captured the attention of traders and investors once again.

In the second half of March, the memecoin burst past the $0.76 resistance and briefly ascended past the $4-level. However, it has retraced this rally since then.

The major rally and the deep retracement since then must have rocked investor confidence. Based on the 1-day chart’s price action, it can be argued that the move below the swing low at $0.225 earlier this month has shifted the structure bearishly.

On the other hand, the volume on 4 April was the highest daily volume since 7 February. It was a statement of intent from the buyers as they rescued SIREN’s price from falling even further below the $0.225 swing low.