SIREN rises 151% during the day and then pulls back: key support level testing imminent

The crypto market once again experienced a dramatic price fluctuation in mid-April. According to Gate market data, as of April 17, 2026, SIREN recorded a maximum 24-hour increase of approximately 46.90%, during which it briefly reached a high of $2.26. Notably, this price performance was achieved against the backdrop of a single-day candlestick exhibiting a massive 151% volatility. After a brief vertical surge, the market quickly entered a technical correction phase, with prices testing key Fibonacci retracement levels.

Rapid correction after a single-day surge

Market publicly available trading data shows that SIREN broke out of a weeks-long low-volatility consolidation zone during trading on April 17. After surpassing the resistance of the 20-day exponential moving average, buying momentum surged in, pushing the price on the daily chart to form a large bullish candle with a gain of up to 151%, reaching near the $2.25 resistance zone.

However, this vertical rise was accompanied by short-term profit-taking pressure. Gate market data indicates that after hitting a 24-hour high of $2.26, SIREN experienced a noticeable pullback, with the price finding short-term support around $1.66. This sharp rise and subsequent fall suggest that, after irrational chasing higher, the market is entering a critical phase of chip exchange and support confirmation.

Background and structure: breakout from consolidation and Fibonacci resistance

This price movement was not without warning. Since late January this year, SIREN’s 20-day moving average has served as a dynamic boundary between support and resistance. After a deep correction and touching the $0.173 area (corresponding to the 0.786 Fibonacci retracement level) on March 31, the price entered a prolonged recovery and consolidation phase.

Yesterday’s 151% increase officially broke this silence. From a technical perspective, this surge successfully broke through the 20-day moving average resistance and briefly touched the 0.236 Fibonacci retracement level (around $1.75). This pattern is often seen by technical traders as an early signal of a trend shifting from weak to strong.

Data observations:

• Relative Strength Index (RSI): The daily RSI currently reads about 61. This value is in a healthy bullish zone but has not yet entered the overbought threshold above 70. This indicates that, from a medium-term trend perspective, upward momentum still has room to be released.
• MACD (Moving Average Convergence Divergence): The MACD histogram is continuously printing higher green bars, confirming that bullish momentum on higher timeframes is accumulating.

Market divergence signals: bullish daily vs. cooling hourly

Despite the optimistic signals from the daily structure, the short-term microstructure of the market sends a very different warning.

After reaching the $2.25 area, a clear selling pressure appeared on the hourly chart. As of the Asian session on April 17, SIREN’s price had retraced about 16% to 26% from its high.

Data and structural analysis:

• Hourly RSI: The indicator is sliding from high levels toward a neutral zone, showing that short-term chasing momentum is waning.
• Hourly MACD: A death cross has formed, a typical sign of short-term momentum cooling, indicating that after a rapid surge, the market needs time to digest floating supply.

This constitutes the core contradiction in SIREN’s current price action—cycle mismatch. The daily structure points to higher targets, but hourly indicators show the market is not yet ready to launch a new attack. For market participants, it’s important not to overlook the risk of a short-term pullback amid the optimistic daily background.

Key support zone review: the logic behind the $1.37 level

During the price decline, the $1.37 area has been widely mentioned as a key observation anchor.

This price zone is the 0.382 Fibonacci retracement level from the recent low rebound. In technical analysis, the 0.382 retracement is often the first line of defense in a strong trend correction. If SIREN can find effective support and stabilize in this zone, it indicates that bulls still hold the initiative, with a high probability of continuing upward to test the previous high around $2.24 or higher.

• Positive scenario support logic: The $1.37 to $1.45 range is not only a Fibonacci support zone but also close to the short-term long interest zones marked by some independent analysts. The strength of this support will directly determine whether the daily rebound structure remains intact.
• Negative risk scenario: If selling pressure exceeds expectations and the $1.37 support is broken, market attention will quickly shift to $1.00 (the 0.618 Fibonacci golden ratio) and $0.81 (the 0.786 retracement). Notably, the $0.81 zone was an important resistance barrier between April 11 and 17. If the price breaks below and retests this area, it would mean the recent breakout structure faces a severe test.

Multi-scenario evolution and projection

Based on the above analysis, two possible market structure scenarios for SIREN can be logically projected:

Scenario 1: Support confirmation and trend continuation

If SIREN shows strong buying support in the $1.37 to $1.45 range, and hourly indicators complete recovery (e.g., MACD forms a golden cross again), the short-term correction is likely over. In this case, the price could re-accumulate strength, challenge the $2.24 resistance again, and use it as a springboard to revisit previous high levels.

Scenario 2: Support failure and deep correction

If the price fails to hold at $1.37 and closes below this level on the hourly chart, it indicates short-term structural weakening. Market sentiment could turn more pessimistic, accelerating the decline toward the $0.81 liquidity support. This move would substantially damage the recently established bullish daily structure.

Conclusion

SIREN’s 151% single-day price fluctuation vividly demonstrates the high risk and volatility characteristic of the crypto market. The current market is at a delicate crossroads: a bullish daily pattern coexists with short-term correction pressures on the hourly level. For those following SIREN, the Fibonacci support at $1.37 will be a key short-term anchor to observe the shift in market bulls and bears. Until clear directional signals emerge, the market may remain in a high-volatility consolidation phase.