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Cryptoknowmics 2022-07-13 08:49:45

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

The SRM market price exceeds the 50-day SMA and retests it and the rounding bottom breakout. Will Serum Prices sustain above $1? Key technical points: SRM prices have increased by 4.92% in the last 24 hours. The price action shows a retest phase of the rounding bottom pattern in the daily chart. The 24-hour trading volume of Serumis $152 Million, indicating a drop of 2.17%. Past Performance of SRM The SRM price 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. Source- Tradingview SRM Technical Analysis 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...

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