Serum price analysis: SRM shoots past $1 as bulls gain 8.5 percent overnight

The Serum price analysis reveals the coin is bullish today as the SRM/USD price is rallying high after the bullish got into momentum yesterday. Previously SRM rejected further upside after peaking at $0.998, followed by a two-day correction period. The correction lasted till 11 July 2022, and the bullish momentum returned again yesterday; bulls have continued their lead today as well, and the bullish momentum seems overwhelming. As a result, the SRM price has reached up to $1.052; the next resistance for the cryptocurrency is present at $1.136, where the selling pressure may return.

SRM/USD 1-day price chart: Bullish momentum revived after a short correction

The 1-day Serum price analysis shows a bullish momentum, and a further price increase is expected in the coming hours as bulls continue putting efforts. The price has stepped up to $1.052 while gaining 8.54 percent value during the last 24 hours. And the coin reports an increase in value by 42.61 percent over the course of the last seven days. At the same time, the trading volume has increased by only 2.15 percent, which shows a market dominance of 0.03 percent.

SRM/USD 24-hours price chart. Source: Tradingview

The volatility is increasing as the Bollinger bands are slowly expanding, with the upper band at the $1.071 mark representing the resistance and the lower band at the $0.694 mark representing the support for the cryptocurrency. The average of the indicator is forming at $0.883 below the current price level. The moving average (MA) is at the $0.900 mark, which is also below the price level. The relative strength index (RSI) is trading on a steep upwards curve at index 61, hinting at an overwhelming buying activity in the market.

Serum price analysis: Recent developments and further technical indications

The 4-hour Serum price analysis shows the coin price function is headed straight upwards from the start of the trading session as bulls regained the lead. The price breakout was upwards at the start of the trading session, and bulls are showing steady progress. The moving average (MA) is trading at $0.996 above the SMA 50 and below the current price level.

SRM/USD 4-hours price chart. Source: Tradingview

The volatility is high, and the indicator shows further divergence, with the upper end of Bollinger bands at the $1.059 mark representing resistance and the lower band at the $0.914 mark. The price is trading near the upper band, which is a bullish indication. The relative strength index (RSI) is trading in the upper half of the neutral zone as the indicator trades at index 63, but the curve is horizontal, which hints at the selling pressure building up.

Serum price analysis conclusion

The Serum price analysis is clearly bullish for today. The SRM/USD is covering a range upwards today after yesterday’s bullish initiative. We expect SRM to continue improving in the coming hours as the bullish momentum seems strong. On the other hand, the SRM/USD crypto pair may feel some resistance as the price is trading near the upper limit of the volatility indicator, and the RSI curve on the hourly chart is also flattening up.

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.

Source