Serum Price Analysis: Sustainability Above $1.0 Level May Influence Buyers Ahead

EconomySerum Price Analysis: Sustainability Above $1.0 Level May Influence Buyers Ahead08/13/2022Bitcoin Ethereum News

• The Serum coin appears to be in an extreme sideways trend in the horizontal range.

• SRM coin is trading above important DMAs like 20,50 and 100 on the daily price scale.

• Trading volume fell 8.5% to $69 million in the last 24 hours.

The Serum coin appears to be somewhat above the critical volatility level. The forecast for serum is modestly optimistic, as price movement shows a recovery from the 2022 lows. Likewise, the bulls have recovered the $1.0 conceptual round level. The critical level has now been reduced to an essential support level.

SRM cryptocurrency is moving in a horizontal band of $0.80 to $1.2, with support and resistance. Buyers are driving the asset price higher in order to break through this resistance level. Meanwhile, at the time of writing, SRM was trading at $1.09 per USDT.

During a sideways trend, trading volume is looking low to break this horizontal range. Thus, trading volume fell by 8.5% to $69 million in the last 24 hours. However, the market cap rose 2.6% to $286 million, according to CMC. Moreover, the SRM with the bitcoin pair is neutral at 0.00004438 Satoshi.

Despite the range-bound phase, buyers manage to cost the asset above key DMAs such as 20, 50, and 100 on the daily price scale. Furthermore, the 200-day moving average is well above the current price of the altcoin.

ADX Indicator is Increasing gradually Source: SRM/USDT by Tradingview

The Stoch RSI indicator started moving into the overbought zone after reversing from the lowest level. Also, the ADX indicator increased higher, suggesting the increasing volatility of the Serum coin.

Conclusion

The Serum coins outlook is totally sideways in higher time frames like daily and above. Despite the fact, in a lower time frame, buyers may locate signs of the slight uptrend. In addition, the ADX indicator increased gradually.

Resistance level- $1.5 and $20

Support level- $1.0 and $0.70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.