Flamingo (FLM) and Serum (SRM) Technical Analysis: What’s Next?
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Flamingo (FLM) and Serum (SRM) Technical Analysis: What’s Next?

May 3, 2021      Dalmas Ngetich

From the Flamingo and Serum technical analysis, DeFi is on fire. SRM/USDT is on a tear as buyers target $20. On the other hand, FLM/USDT may double to $2.

Serum (SRM)

Running on Solana, Serum is a DEX boasting of low transaction fees and high processing speed.

Past Performance of SRM

The SRM price is trading at $11, rising 13 percent on the last day against the greenback but capped in a $1.40 trade range with intraday support and resistance at $10 and $12, respectively.

Meanwhile, the average trading volumes in the past day are up marginally to $426 million.

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Day-Ahead and What to Expect

Buyers are in the driving seat. The Serum technical analysis, based on price action in the daily chart, points to buyers.

The SRM/USDT price is trading in a bullish breakout pattern, driving SRM to new 2021 highs with decent trading volumes.

SRM/USDT Price Analysis

Serum (SRM) Daily Chart for May 3

Technically, Serum bulls are in the driving seat as aforementioned.

Trading within a bullish breakout pattern, the path of least resistance is northwards.

The first bull targets are at $13—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

As momentum builds, a break above this level opens the SRM price to $20—the 2.618 level.

A deeper pullback driving below $8 pours cold water on the uptrend.

Flamingo (FLM)

The Flamingo DEX works from the NEO and the Poly Network interoperable protocol. It offers several DeFi products, including a vault, DAO, and perpetual trading. The FLM is the governance token of Flamingo.

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Past Performance of FLM

The FLM price is trading at $1.02, adding 16 percent on the past day and $0.14. The token is trading at between $0.87 and $1.06 on the last day.

Meanwhile, the uptrend is propped by determined buyers.

Average daily trading volumes are up 91 percent to $106 million.

Day-Ahead and What to Expect

Flamingo technical analysis suggests buyers. FLM is rising with the tide, bottoming up and reversing losses from mid-Apr 2021.

Overly, buyers are in the driving seat.

Subsequent bull bars from the tail end of Apr 2021 confirm the reversal pattern of around 10-days ago.

Since trading volumes are also rising in tandem, an opportunity might be presented for buyers who would then target $2.

FLM/USDT Price Forecast

Flamingo Daily Chart for May 3

FLM/USDT is in an uptrend. Trading at $1, the FLM price is bottoming up after finding support from around the 50 and 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

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The immediate bull is $1.2. A high volume close may trigger another wave that may drive FLM prices to $2 in the medium term.

#DeFi #Flamingo #FLM #FLM/USDT #Serum #SRM #SRM/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.