Serum (SRM) and Numeraire (NMR) Technical Analysis: Bulls Charge
Table of contents
Numeraire (NMR)
In the age of machine learning, Numeraire is an Ethereum-based platform assisting developers and data scientists experiment and create suitable models to meet their research purpose. NMR is the platform's token.
Past Performance of NMR
The path of the least resistance, contrary to the general state of the market, is northwards.
NMR is the top performer in the DeFi category. Of note, bulls are building on May 16 gains as NMR is roughly up 78 percent on the last day.
Also, trading volumes surged 22X to $634 million.
Day-Ahead and What to Expect
NMR/USDT technical analysis suggests bulls as price action in the daily chart points.
Following the May 16 humongous bull bar, buyers stand a chance following the formation of the double-bar bull reversal pattern.
Notably, the surge is from around April 2021 lows, reinforcing NMR bulls.
NMR/USDT Technical Analysis
NMR/USDT prices are bouncing off from April 2021 lows as aforementioned.
With a double-bar bullish reversal pattern and a 22X rise in volumes, NMR buyers stand a chance.
Therefore, technically every low may be a loading opportunity for aggressive NMR buyers aiming at $135—the 1.618 Fibonacci extension level of the last five months' trade range.
Serum (SRM)
The Solana-based DEX promises high processing speed and negligibly low trading fees.
Past Performance of SRM
Candlestick arrangement in the daily chart points to bulls. On the last day, SRM is up 24 percent versus the greenback, trading at around $2.1.
Meanwhile, it is outperforming BTC and ETH, adding 34 percent.
Behind this upsurge is an uptick in trading volumes which rose 5X to $847 million on the last trading day.
Day-Ahead and What to Expect
From the daily chart, SRM/USDT technical analysis reveals confidence.
Of note, SRM prices are bouncing off from Q1 2021 highs with increasing volumes in a retest.
Accordingly, the odds of higher highs remain elevated.
SRM/USD Technical Analysis
As mentioned above, SRM buyers have the upper hand.
In a retest, SRM prices are bouncing off Q1 2021 highs. As such, every low above $8 may technically be a loading opportunity for aggressive traders aiming at $13.
If, however, SRM/USDT bulls comprehensively break above $8 with high volumes, risk-averse traders can flow in, targeting $20.