SRM token price shows growth in the underlying bullishness that can lead to a potential bullish reversal to the $9 mark shortly.
Serum is a decentralized marketplace (DEX) that provides unprecedented speed and low transaction fees to decentralized finance (DeFi).
Serum is the only DEX that has a central limit order book and matching engines built around an on-chain central limit. Ecosystem partners can use serum's order book to create liquidity and power trading features for retail and institutional users.
Let us now look at the comprehensive technical analysis of Serum cryptocurrency.
After facing a more than 40% fall due to the supply dump near the $12.5 mark. The SRM coin price found support near the $7 support zone. Thus, resulting in a short-term reversal to $9.
However, the price action indicates the price resonating between $7 and $9 marks. Hence, a breakout of either side will decide the future trend.
Source — Tradingview
SRM cryptocurrency is currently at $7.51 as of the writing date. Additionally, the cryptocurrency has increased by 3.78% in the last 24 hours. Thus, indicating a drastic jump in buying pressure, supported by a 40% rise in the intraday trading volume.
As per the pivot points, the coin price may face resistance near the $9 and $12. In case of a bearish breakout of $7, the following support level is at the $5 mark.
MACD and signal lines are beneath the zero line in the 4-hour chart. However, the fast line gives a bullish crossover, with the slow line indicating a rise in bullish powers. Hence, it provides a weak buy signal.
The RSI indicator falls below the central line in the daily technical chart. It is due to the opposition from the 42%.
As per the Serum technical analysis, the situation indicates a potential bullish reversal for SRM crypto. The price action suggests that the consolidation range is intact. Hence, one can expect a bullish jump to the $9 ultimate resistance.