SRM Technical Analysis: Will Serum Prices Sustain Above 50-day SMA?
Table of contents
Key technical points:
Past Performance of SRM
The SRM price action shows a bullish reversal from the $0.74 support level resulting in a rounding bottom pattern with the neckline at $0.95. The bullish reversal accounts for a 35% jump within five days, bringing the rounding bottom breakout. Furthermore, we can see another rounding bottom with a neckline at $1 that retests the previous rounding bottom breakout.
Source- Tradingview
SRM Technical Analysis
The SRM prices sustain above the 50-day SMA and showcase a bullish rise in the trading volume, supporting the theory of a prolonged uptrend. Furthermore, the daily candle prepares to pierce the $1.02 resistance level and start a bullish trend to approach the 100-day SMA.
The MACD indicator shows the fast and slow line preparing to cross above the zero line as the positive histograms continue to rise. Hence the technical indicator displays an increase in buying pressure, increasing the price jump possibility above $1.
Furthermore, the RSI indicator shows a remarkable increase in the underlying bullishness. This comes after the prices took a bullish turnaround from the $0.74 support level. Currently, the RSI slope sustains in the nearly overbought territory and continues a bullish trend to reach the 70% boundary.
In a nutshell, SRM technical analysis displays a high likelihood of a bullish trend continuation about the 50-day SMA.
Upcoming Trend
If the bullish reversal rally continues to gain trend momentum, Traders can expect the SRM price jump to hit the overhead resistance at $1.17.
Resistance Levels: $1.17 and $1.36
Support Levels: $1 and $0.95
