Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
* Serum coin price is currently trying to maintain support near $0.1700 after a sharp fall from the higher levels.
* The crypto asset over a longer time frame is placed near the lowest level of this year.
* Volume in the last 24 hours has decreased by 15% to $177,444,066.
Serum coin at a longer time frame is placed below all major moving averages, while now the coin is trying to get stable near the $0.210. Serum Coin
SRM, in recent days, faced a huge sell-off after getting rejection from its 100-DMA line and witnessed a good spike in volume. Meanwhile, the crypto asset is now trying to sustain above its 52-week low of $0.17-$0.20. A shorter time frame indicates SRM has reached its support zone of $0.1800 to $0.2000. However, the coin is still struggling to overcome 20 and 50-day moving averages. Looking at the yearly chart, it seems SRM is under a strong grip of bears, whereas the bulls can get confidence if the coin manages to sustain above the 20 and 50 DMA lines. Although the bottom is not yet confirmed, the price is still in a strong bearish trend and needs a long consolidation for a further positive move.
Serum coin at a long-term chart
Serum coin reaches near the oversold zone over the border time frame, as RSI is now indicating levels of 30. Whereas BB (Bollinger Bands) also indicate price action near the lower band of the chart. The technical experts believe that the coin may have bottomed, but the final confirmation is still not reflected in technical charts.
Can the Bulls expert a relief rally?
SRM Bulls may get a relief rally soon, as technical parameters are now reaching oversold territory. Volume is also now showing good action as the price reaches oversold levels. Somehow, the price of Bitcoin and the majority of coins are also in a continuous downtrend, and further recovery in the market may lead to a good bounce in SRM price.
The next lap of momentum is yet to come.
In the last 7 days, the Serum coin is training under the symmetrical triangle pattern, and we can expect significant momentum soon. Whereas the volume also falls below the average line and needs to increase further. MACD is also heading higher after a positive crossover overpowering the coin’s strength.
Conclusion
Serum coin investors are now advised to look over the shorter time frame and keep an eye on the recent lows. If SRM falls below the $0.1700 mark, investors may see further fall-lapse in upcoming trading sessions. Similarly, bulls can experience a good bounce back in further training sessions if the coin manages to sustain above 20 and 50-DMA lines.
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/11/is-serum-coin-ready-for-a-bounce-back-after-a-sharp-decline/