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

May 29, 2021      Dalmas Ngetich

Serum prices are under pressure and could track lower to $4. On the other hand, THETA prices are relatively firm. THETA/USDT may reach $16 if buyers break above $9.5.

THETA

THETA is a blockchain-based video-streaming platform competing with YouTube and other centralized versions. Central to the project is the THETA coin.

Past Performance of THETA

Reading from THETA/USDT technical analysis, the coin is in range mode, inside May 19 bear bar.

As of writing, the price is down nine percent against the USD and near break-even versus ETH and BTC.

Meanwhile, trading volumes are decent, rising 87 percent to $715 million on the last trading day.

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Day-Ahead and What to Expect

Technical candlestick arrangements favor sellers in the short term.

Since THETA/USDT prices range inside May 19 bear bar, bears have the upper hand from volume analysis.

Also, THETA/USDT prices are below the middle BB, trading in a bear breakout pattern after a strong upsurge over the last five months.

THETA/USDT Technical Analysis

THETA Price Daily Chart for May 29

THETA found resistance at the middle BB.

With prices capped inside May 19 bear candlestick and $9.5, sellers have the upper hand.

Every low may be a loading opportunity for sellers targeting $4—the 78.6 percent Fibonacci retracement of the last five months—and $3.

A high volume swing above $9.5 could see the price race back to $16.

Serum (SRM)

The Solana-based DEX enables cheap transactions in a highly scalable environment enhancing user experience.

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Past Performance of SRM

After months of stellar performance, SRM prices are now fragile.

For instance, at spot rates, SRM trading volumes and prices are down, signaling possible profit-taking and shift in trend.

Still, if prices take a turn for the positive in the next session, rewinding recent losses, bulls may take charge.

Day-Ahead and What to Expect: Serum

SRM/USDT technical analysis aligns in favor of sellers in the short term.

After peaking at $13.5, SRM prices sunk to March 2021 lows, wiping over 80 percent of the last five months’ gains. Moreover, SRM/USDT prices are below the middle BB, confirming sellers.

Therefore, if SRM dump once more, it would prove that the gains of the last day were a dead cat bounce.

SRM/USDT Technical Analysis

Serum Price Daily Chart for May 29

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SRM/USDT prices are within a $2.5 zone with clear resistance and support at $6.5 and $4, respectively.

Losses below $4 confirm sellers of May 19 in a bear trend continuation pattern towards $1.5—or worse.

On the flip side, gains above $6.5 may reinvigorate bulls targeting $13.5.

#DeFi #Serum #SRM #SRM/USDT #THETA #THETA/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.