Serum price analysis: SRM price trapped in a descending triangle.

• The SRM price can be seen stuck inside a descending triangle pattern over the daily chart.
• Volume is still at a gain of 9.19%
• The crypto asset is moving below 20, 50, 100, and 200 daily moving average

The serum is a decentralized exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralized finance. SRM DEX’s on-chain central limit order book and the matching engine provide liquidity and price-time priority matching to traders and composting projects. 

The SRM price can be seen stuck inside a descending triangle pattern over the daily chart. The price suffered a roller-coaster type of ups and downs, analysts believe that if now the price made a breakdown it will break the $1 mark and hit the support of $0.5 which will be very difficult for the token to recover. Now the bulls must accumulate to push the SRM price up. However, the bears are not the spectators here so they definitely gonna interrupt the uptrend movement. The SRM price is currently moving below the 20, 50, 100, and 200 daily moving average. The token is calling bulls for help.

The current SRM price is trading at $1.05 with a loss of 6.66% in its market capitalization in the last 24 hrs acc. To CMP. The coin has a volume of 46 million with a gain of 9.19% and a market cap of 276  million with a decrease of 6.66%in it over the last intraday trading session. The price made a higher high of $1.14 over the past intraday trading session.

What do Technical Indicators Suggest?

The short-term analysis (4 hrs) also gives a bearish movement idea. While looking at the MACD indicator we can observe the green histograms are rising and the MACD line made a positive cross over the MACD signal line indicating bullish support.

Whereas the relative strength index hasn’t given any clear signal but it is bending over the oversold region speaking for an increase in selling volume.

Conclusion

SRM price can be seen stuck inside a descending triangle pattern over the daily chart bulls must accumulate to push the SRM price up 

Disclaimer 

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

ALSO READ: Business Companies Posted Hundreds Of New Crypto-Related Job Vacancies Following Latest Layoffs 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.