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Serum price analysis: SRM unable to break resistance at $13.6, a retracement to follow?

TL;DR Breakdown

  • The Serum price analysis for today is bearish.
  • The SRM/USDT price currently rests at $12.5.
  • The resistance is at $13.6, which remains unbroken.
  • Major support is present at $10.2.

The Serum price analysis for today is certainly bearish as the coin is currently seeing heavy pressure from bears. The bulls have been in charge of the price action as the cryptocurrency surged from $7.2 to $13.7 from 8th September to 11th September. This huge surge in the price of the coin attracted a lot of investors who were impressed by the brilliant performance of the coin.

From the data provided by Coinmarketcap, it can be seen that the currency is trading with an increase in the trading volume by a whopping 74.65 percent. The market capitalization has also surged by around 24.25 percent.

These metrics are very important because it can be seen that the surge in trading volumes and market cap means that the cryptocurrency is experiencing bullish growth for now.

Considering the movement of Bitcoin today, the king of cryptocurrencies has dropped below the support at $46K but bounced off from the support at $44.7K, which still holds. This shows that Bitcoin might reclaim the support at $46K, as we can see a few green candles in the 4-hour chart. But in the short term, it is expected that Bitcoin might fall more since the trend is still bearish overall.

4-hours Serum price analysis: Technical indicators turning a little bearish

Although the technical indicators are bullish overall, according to our Serum price prediction, the indicators are now turning slightly bearish as the price movement was unable to break through the resistance at $13.6. The resistance still holds while the price level is dropping. It can be expected that the price movement will try to rebound from the previous support at $10.2.

Further Serum price analysis includes readings from Bollinger Bands, RSI, and other important technical indicators. First comes the price movement, which can be predicted on the basis of Bollinger Bands.

The price movement failed to break out from the upper of the Bollinger Bands as the resistance is still intact. Therefore, we can expect the price to retrace to lower levels inside the Band. If the support at $10.2 fails, the price will break out from the lower end, which is an extremely bearish scenario.

Serum price analysis on the chart by TradingView

The Serum price analysis can be reported further on the basis of the RSI and the MACD indicators. The RSI levels are dropping from overbought levels to the zone where bulls are dominant.

If you are a day trader then, this would be a good time to sell the SRM tokens that you have and wait for further price drops. It would be good to buy the crypto once the RSI drops below 50, and the best time to buy would be when it enters the oversold zone.

According to the readings of the MACD indicator, it is clear that the cryptocurrency is trading with a bullish outlook as the MACD or the blue line is well above the orange line or the signal line. We can also see greenish bars on the histogram, as is evident in the 4-hour chart above.

Serum price analysis on the chart by TradingView

Serum price analysis: Conclusion

To conclude our Serum price analysis, we can say that the price of the cryptocurrency will be trading in the bullish zone in the long term, but in the short term, we might see bearish growth if Bitcoin is not able to maintain the support at $44.7 or reclaim the one at $46k.

Furthermore, looking at the position of the key Moving Averages, we can see that the price action is above the 100-day and the 50-day Moving Averages. If this trend continues, we can expect the price action to drop down below these key Moving Averages on the 4-hour chart. Although currently, it seems that these Moving Averages will still hold.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on September 11, 2021 10:05 pm

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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