Cryptos Ranking logo Cryptos Ranking logo
Cryptoknowmics 2022-07-13 08:49:45

SRM Technical Analysis: Will Serum Prices Sustain Above 50-day SMA?

The SRM market price exceeds the 50-day SMA and retests it and the rounding bottom breakout. Will Serum Prices sustain above $1? Key technical points: SRM prices have increased by 4.92% in the last 24 hours. The price action shows a retest phase of the rounding bottom pattern in the daily chart. The 24-hour trading volume of Serumis $152 Million, indicating a drop of 2.17%. Past Performance of SRM The SRM price action shows a bullish reversal from the $0.74 support level resulting in a rounding bottom pattern with the neckline at $0.95. The bullish reversal accounts for a 35% jump within five days, bringing the rounding bottom breakout. Furthermore, we can see another rounding bottom with a neckline at $1 that retests the previous rounding bottom breakout. Source- Tradingview SRM Technical Analysis The SRM prices sustain above the 50-day SMA and showcase a bullish rise in the trading volume, supporting the theory of a prolonged uptrend. Furthermore, the daily candle prepares to pierce the $1.02 resistance level and start a bullish trend to approach the 100-day SMA. The MACD indicator shows the fast and slow line preparing to cross above the zero line as the positive histograms continue to rise. Hence the technical indicator displays an increase in buying pressure, increasing the price jump possibility above $1. Furthermore, the RSI indicator shows a remarkable increase in the underlying bullishness. This comes after the prices...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.