SRM Drops Right After Reaching All-Time High

SRM Drops Right After Reaching All-Time High
фото показано с : beincrypto.com

2021-4-14 19:31

Serum (SRM) reached a new all-time high price on April 11, but decreased shortly afterwards.

Despite the ongoing drop, SRM is expected to find support and reverse its short-term bearish trend. Afterwards, a new all-time high price is expected.

SRM all-time high and double top

On Feb. 25, SRM reached a then all-time high (ATH) price of $8.14. After a considerable drop, it managed to break out from a descending resistance line.

This move led to a new all-time high of $8.20 being reached on April 11. However, the upward move was not sustained and the token created a double top pattern. 

Since then, SRM has been moving downwards. 

Currently, it has reached the $6.54 support area. This is both the 0.382 Fib retracement level and a horizontal resistance area. The next support levels below it are found at $6.05 and $5.55.

Chart By TradingView Short-term movement

Despite the lack of bullish reversal signs, the $6.55 level remains the most likely out of the three to initiate a reversal. 

This is because it provides a confluence of support level:

Fib support level Horizontal support level. Diagonal support level (ascending support line).

If SRM breaks down, the next most likely reversal area would be found at $5.55, which is both the 0.618 Fib retracement and a horizontal support area.

Chart By TradingView Wave count for SRM 

Cryptocurrency trader @ACXtrades outlined a SRM chart, stating that it has the exact same setup as BNB had prior to taking off.

Source : Twitter

The wave count suggests that SRM is in wave five of a long-term bullish impulse (white). The sub-wave count is given in black.

A potential target for the top of the upward movement is located at $11.90. This is found by using a Fib projection on waves 1-3. 

If wave five extends, the next most likely target would be found at $16.74. Currently, it cannot be determined whether wave five will extend or not.

Chart By TradingView Conclusion

To conclude, SRM is expected to find support at one of the short-term support levels outlined. Afterwards, an upward move that takes it to a new all-time high price is expected.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

The post SRM Drops Right After Reaching All-Time High appeared first on BeInCrypto.

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Serum (SRM) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0511792
Капитализация $0 Rank 99999
Цена в час новости $ 6.8304 (-100%)

all-time high srm price expected double drops

Источник: beincrypto.com

all-time high → Результатов: 126


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