- After a prolonged period, Serum Coin remained above the 20-day EMA.
- The $1.0 ideological round turned into a significant support level for the bulls.
- The market cap of SRM Coin has increased by 6.5% to $267 million in the last 24 hours.
The serum coin was performing poorly for the past several weeks. Amidst the downtrend, the price of SRM Coin is down by almost 9% over the past seven months. The bulls turned a 52-week low of $0.7292 during the downtrend.
The serum outlook is slightly bullish as price action shows recovery from 2022 lows. Meanwhile, the bulls reclaimed the conceptual round level of $1.0 last night. Now the critical level has turned into an immediate support level.
Due to the bounce back, the bulls turned a bearish trend line upwards and a rounded bottom was formed near the 60-day low. Meanwhile, at the time of writing, the SRM token was trading at the $1.06 mark.
Buyers turned aggressive last night, as a result of which the coin went higher again in an intraday trading session. Thus, the market cap of SRM Coin has increased by 6.5% to $267 million in the last 24 hours of data from CMC. But against the upward movement, trading volume has declined in the past days.
The weekly price candle is in the 7.7% green zone this week. Moreover, the price of Serum pairing with the Bitcoin pair is up 6.5% at 0.00005322 satoshis. Meanwhile, the 20-day moving average (white) remains below the current price in terms of the daily price chart.
The ideological round level is immediate support
On the daily price scale, the Stoch RSI indicator is moving into overbought territory. And the ADX indicator turns upward.
As the bulls recover above the conceptual round level of $1.0, the bulls appear aggressive and may attempt to defend themselves from further bloodshed. The $1.5 mark could act as a bullish barrier amid a bullish trend.
Resistance level- $1.5 and $20
Support level- $1.0 and $0.70
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.