Is Serum (SRM) a good buy opportunity after a recent sell-off?

2021-10-13 23:33

Serum SRM/USD remains under pressure; the price of this cryptocurrency fell from $13.95 to $6.7 since 11th September 2021, and the current price stands at $7.33. Technically looking, the risk of further decline still persists, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Project with big potential

Serum is a decentralized exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to DeFi while remaining fully trustless and transparent. Serum is not only made for financial applications but also for growing industries like gaming, and it is preparing to meet the demands of a larger and more diverse group of users.

The governance token of this decentralized exchange is SRM, and for now, less than 15% of all SRM were unlocked.

Over the next six years, the remaining tokens would be unlocked linearly in equal proportions, while Serum estimates that a very small percentage of these tokens would enter the circulating supply, which the foundation closely manages.

Serum is built on Solana, while SRM token collects value for holders through protocol fees that go to regular token burns. Serum (SRM) price has skyrocketed since the beginning of August 2021 and reached a record high above $13.9 on 11th September.

Since then, the price has collapsed, daily trading volume has weakened, but Serum is preparing for continuous upgrades to the DEX and order book architecture to meet developers’ changing needs and user demand. Serum team reported:

Serum is preparing to meet the demands of a larger and more diverse group of users. Decentralized governance is a critical step that will create a framework for the community to have its say.

Serum is a truly unique project with big potential, and the price of this cryptocurrency could advance again at levels that we saw in September 2021; still, traders should keep in mind if the price of Bitcoin falls below the $50000 support, that will a negative influence on the price of SRM.

Bears in control of SRM Data source: tradingview.com

Serum (SRM) has collapsed from its record highs above $13.9 registered in the second week of September 2021. The risk of further declines is still not over, the critical support level stands at $6, and if the price breaks it, it could be the beginning of a bigger downtrend.

On the other side, if the price jumps again above $9 resistance, we have the open way to $10.

Summary

Serum is a project with big potential, but probably it is not the best moment to buy SRM. The cryptocurrency market is losing its value this Tuesday; Bitcoin’s price has weakened from its recent highs, and the price of SRM can weaken from the current price levels if the negative trend continues.

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