<strong><em>The SRM market price exceeds the 50-day SMA and retests it and the rounding bottom breakout. Will Serum Prices sustain above $1?</em></strong>

<strong>Key technical points: </strong>
<ul>
 	<li>SRM prices have increased by 4.92% in the last 24 hours.</li>
 	<li>The price action shows a retest phase of the rounding bottom pattern in the daily chart.</li>
 	<li>The 24-hour trading volume of Serumis $152 Million, indicating a drop of 2.17%.</li>
</ul>
<h2>Past Performance of SRM</h2>
The <a href="https://www.cryptoknowmics.com/news/serum-technical-analysis-soars-14-srm-may-retest-1-in-a-bullish-revival/">SRM price</a> 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.

<img src="https://s3.tradingview.com/snapshots/8/8lzpHyTz.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/8lzpHyTz/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">SRM Technical Analysis </span></h2>
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 took a bullish turnaround from the $0.74 support level. Currently, the RSI slope sustains in the nearly overbought territory and continues a bullish trend to reach the 70% boundary.

In a nutshell, SRM technical analysis displays a high likelihood of a bullish trend continuation about the 50-day SMA.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If the bullish reversal rally continues to gain trend momentum, Traders can expect the SRM price jump to hit the overhead resistance at $1.17.

<strong>Resistance Levels:</strong> $1.17 and $1.36

<strong>Support Levels:</strong> $1 and $0.95

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

SRM Technical Analysis shows the price exceeding the 50-day SMA and retesting it and the rounding bottom breakout. Will Serum Prices sustain above $1?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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

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