SRM/USD prepares for takeoff

The SRM/USD price action has maintained the same support level since July 4th. The price continues to bounce off the $0.746 price level. However, looking at the resistance, we can see that the levels are dropping (lower highs). Support and resistance lines are converging. This type of trendline convergence can quickly turn into a bull market.

Serum market price statistics:

• Current SRM/USD Price: S0.777
• SRM/USD Market Cap: $204,096,956
• SRM/USD Circulating Supply: 263,244,669
• SRM/USD Total Supply: 1,092,844,982
• SRM/USD Coin Market Ranking: 132nd

key level

• Resistance: $0.824 $0.850, $0.900
• Support: $0.715, $0.700 $0.650

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Serum market price analysis: an indicator perspective

Traders start selling after the price crosses the high support level of $0.800. As a result, the MACD line crossed the signal line to the negative side. However, the MACD line has not gone too far. Instead, they line up side by side along the MACD line. Projecting the market’s near-term direction requires perspectives from shorter timeframes. MACD and RSI show us that the market is trying to recover from the drop. It shows that the line must cross the equilibrium point before calling this market bullish.

Serum: SRM/USD 4-Hour Chart Outlook

An uptrend has started after the price bounced off the support trend line. Currently, the market appears to be forming resistance at $0.793. Because of this, the price will be adjusted for a short time on this timeframe. The bullish trend appears to be weakening. And there is still no sign of recovery. For now, the price is stable at the current price.

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