The cryptocurrency $SIREN increased by 9% today. As a small coin with a market value of only 40 million dollars, it had a trading volume of 13 million dollars today, with a turnover rate of 32%. It is clear that there are market makers involved.
The current price of this coin is still less than a fraction of its recent peak, but it has already multiplied several times from its bottom, showing a typical parabolic trend.
The market data is quite interesting; the bulls completely control the situation, and the ratio of long to short positions has soared to 2.05, with retail investors following the trend to go long. Even more exaggerated is that the buying volume is three times that of selling, with funds aggressively grabbing shares.
From a technical perspective, $0.058 is a key position; if it breaks through, the next target is directly $0.065; if there is a pullback, $0.055 has strong support.
Such small-cap coins are extremely volatile. Rising 9% today may lead to a drop of 20% tomorrow, so both long and short positions must carry stop-losses. Recently, there has obviously been a rotation in small-cap coins; when you make a profit in altcoins, you should run!
In the crypto world, choice is greater than effort! Following the right people makes earning money a natural outcome!
