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