Serum (SRM) and IDEX Technical Analysis: Sellers Trounce Bulls

Dalmas  |  Sep 8, 2021

Serum and IDEX price action are divergent. While SRM is on the brink of collapse to $6, IDEX is trending in new territory after its exemplary performance this week.

Serum (SRM)

The DEX is the largest in the Solana ecosystem, using SRM for governance.

Past Performance of SRM

At writing, SRM crypto is on shaky grounds, dangling precariously at a key liquidation level. It is notably down 14 percent versus the greenback.

Specifically, Serum coin bulls are giving up gains, caving into increasing sell pressure as per the SRM technical analysis in the daily chart.

Day-Ahead and what to Expect

SRM token buyers might be confident but after the August price surge, the party seems to be over.

While a surge above $12 would thrust SRM coin to new territories, an imprint of strength and the increasing significance of the Solana burgeoning ecosystem, losses below the dynamic support line would confirm bears. In this highly likely situation, SRM could drop to $6.

Serum Technical Analysis

Serum Price Daily Chart for September 8

As per the price action in the daily chart, the SRM price is shifting to bearish.

The odds of a dump below the middle BB is increasing by the hour—a move that would see SRM spiral back to $6 and later $4.

IDEX

The DEX is one of the earliest in the crypto scene using IDEX for governance.

Past Performance of IDEX

The IDEX crypto tops the performance chart after perpendicular double-digit gains of this week.

There could be entries on pullbacks at this pace, though it is highly likely that IDEX prices could slow down in a normal retracement due to the performance of BTC and ETH.

Presently, IDEX is up 93 percent on the last trading day.

Day-Ahead and What to Expect

Buyers have the upper hand as per the IDEX technical analysis of the daily chart.

From an Effort-versus-Results perspective, aggressive traders might find entries in lower time frames as they angle for this week's highs of around $0.75.

IDEX Technical Analysis

IDEX Price Daily Chart for September 8

The path of least resistance is northwards, and buyers are in control from an Effort-versus-Results perspective.

Accordingly, aggressive traders might ride the bullish breakout trend by searching for entries in lower time frames, targeting $0.75.

As per the daily chart, every dip above $0.22 and within September 6 and 7 trade range offer suitable entries for risk-off traders.

In the medium term, IDEX might spike to $1 as per the Fibonacci extension levels of the Q1 2020 to Q1 2021 trade range.

Related News