Sep 09, 2022 12:05
Serum (SRM) has struggled against tether (USDT) in recent weeks, rising above $0.8 as the price of Serum (SRM) remains range-bound. For weeks, the price of Bitcoin (BTC) fluctuated between $19,500 and $20,000, with the price stalling on the next movement. Most altcoins, including Serum, have been affected by this choppy movement (SRM). (Source: Binance) Related Reading: Polkadot Watch: Will DOT Succumb To Sharp Sell-off In Next Few Days? Serum (SRM) Price Analysis On The Weekly Chart The price of SRM has had difficulty replicating its recent bullish move, which saw the price rally to $3.5 as the price rallied with a good bullish sentiment. SRM has struggled to stay afloat after falling from an all-time high of $13, as the price continues to fall with no sign of a major bounce. With the current indicators, SRM could be poised to rally from its weekly low of $0.8 to around $1.2. The price of SRM is encountering resistance at $1; if the price of SRM flips this region, we may see the price rise to new heights. If the price of SRM maintains this bullish structure, we could see the price of SRM breaking off of its first resistance at $1 with more buy volumes. Weekly resistance for the price of SRM – $1. Weekly support for the price of SRM – $0.75. Price Analysis Of SRM On The Daily (1D) Chart After rallying from its daily low, the price of SRM was rejected and is struggling to break out in a range channel. A break above this bullish channel on the daily timeframe will confirm its bullish strength to trend higher. The price of SRM has since struggled to regain the bullish pattern as it trades below the 50 and 200 Exponential Moving Averages (EMA) daily. The prices at $0.9 and $1.6 correspond to the 50 and 200 EMA acting as resistance to the SRM price. Daily resistance for the SRM price – $0.9. Daily support for the SRM price – $0.75. SRM Price Analysis On The Four-Hourly (4H) Chart In the 4H timeframe, the price of SRM remains bullish after forming a hidden bullish divergence, with the price bouncing off its downtrend line and rallying from $0.74 to $0.81. The price of SRM is trading above the 50 EMA but below the 200 EMA. The price at the 50 EMA is $0.78 and acts as support, while the price at the 200 EMA is $0.85 and acts as resistance. SRM must break above the 200 EMA with significant volume in order to have a chance of trending higher to a price of $1. The Relative Strength Index (RSI) for SRM is below 55 on the 4H chart, indicating a moderate buy order volume SRM price. Four-Hourly resistance for the SRM price – $0.85. Four-Hourly support for the SRM price – $0.75. Related Reading: Bitcoin Price Drops 6% While Bond Yields Spike Featured Image From zipmex, Charts From
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