Serum (SRM) Technical Analysis 2021 for Crypto Traders
In Serum (SRM) Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about SRM to analyze the future movement of the cryptocurrency.
Serum is a decentralized exchange (DEX) and an ecosystem that brings a high speed and low transaction costs to decentralized finance (DeFi). It is permissionless and is built on the Solana blockchain.
Serum (SRM) Current Market Status
According to CoinGecko, the Serum price is trading at $9.84 with a 24-hour trading volume of $250,973,442, at the time of writing. However, SRM has decreased by -8.2% in the last 24 hours.
SRM holds the 146th position on CoinGecko right now. Moreover, SRM has a circulating supply of 50,000,000 SRM and maximum supply of 10,000,000,000. Currently, SRM trades in Binance, OKEx, FTX, CoinTiger, and Upbit.
Serum (SRM) Technical Analysis 2021
The recent development and upgrades might push Serum (SRM) to reach new heights. Now, let’s deep dive into the Serum (SRM) technical analysis 2021.
SRM Showing Cup With Handle Pattern in Hourly Time Frame
The hourly time frame chart below shows the Cup with Handle pattern of Serum (SRM).
Based on the graph above, the chart displays a cup with a handle pattern. This graph shows a consolidation period that could result immediately in a price breakout or breakdown. A breakdown from the lower line indicates the beginning of a new bearish signal, while a breakout that takes place from the upper trendline shows the start of a new bullish trend.
In addition, at the beginning of this pattern, SRM moved from its bullish to a bearish trend. This results as many traders stop buying and start to sell. As a result, the SRM trading supply increased drastically.
Serum (SRM) RSI, MACD, MA, and EMA
The below chart shows the Moving Average Convergence/Divergence (MACD) of SRM. Notably, the MACD (blue) begins to stay just below the signal indicator (orange line). This indicates that cryptocurrency traders can still expect more bearish days ahead.
In contrast, if the MACD starts to move above the signal indicator and performs a bullish crossover. Then the crypto has a high possibility of reaching new highs.
Now let’s look at the relative strength index (RSI) of SRM. As shown in the chart above, the RSI remains at level 53. This shows that SRM price is in nearly overbought state. However, this gives confidence for the traders to trade without any fear.
SRM’s Moving Average (MA) and Exponential Moving Average (EMA) is shown in the chart below. Moreover, MA is a part of technical analysis that helps traders to recognize trends. While EMA is a type of moving average.
From the beginning of 2021, it is clear that the SRM price has shown many bullish patterns. Furthermore, taking all these into account, SRM could have a competitive market in 2021.
Serum (SRM) Showing Ascending Channel Pattern in Monthly Time Frame
The monthly time frame chart below shows the ascending channel pattern.
In the chart above, which is set in a monthly time frame, we can see the Ascending Channel pattern. An ascending channel is the price movement that occurs in an upward direction through a sloping parallel line. Also, the chart indicates the higher highs and lows from this price pattern. More so, this pattern represents a short-term bullish.
Conclusion
With the ongoing developments and upgrades that are taking place within the SRM platform. The cryptocurrency SRM has a fantastic future ahead in this crypto market. However, it is possible to see SRM reaching new heights.
Bullish SRM price prediction 2021 is $25. As said above, it may reach great heights, however reaching $50 if investors have decided that SRM is a good investment in 2021.
FAQ
Serum is a DEX and an ecosystem that brings high speed and low transaction costs to DeFi. It is permissionless and is built on the Solana blockchain.
SRM is listed on many cryptocurrency exchanges that include Binance, OKEx, FTX, CoinTiger, and Upbit exchange. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.
With the ongoing developments and upgrades within the SRM platform, it has the high possibility of reaching its new ATH soon.
Disclaimer: The opinion expressed in this chart solely the authors. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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