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Serum (SRM) Price Paints Bearish Picture on the Longer Time Frames

2 mins
Updated by Ali M.
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In Brief

  • SRM is trading close to an all-time low.
  • The weekly RSI is bearish.
  • There is long-term resistance at $0.85.
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The Serum (SRM) price has broken down from a long-term support area and could decrease to a new all-time low.

The SRM price has decreased since reaching an all-time high price of $13.73 in Sept. 2021. The downward movement led to a low of $0.12 in Nov. 2022. This amounts to a fall of 98%. 

Additionally, the downward movement caused a breakdown from the long-term $0.85 resistance area. The SRM price experienced a sharp fall during the FTX bankruptcy in Nov. 2022, since it was one of the biggest listings on the FTX balance sheet, with $2.2 billion in SRM holdings.

Moreover, the weekly RSI broke down from its bullish divergence trend line (green line) and is moving downwards.

The all-time lows create the final support area at $0.11. A decrease below this area would take the Serum price to bearish price discovery. 

The SRM price prediction is considered bearish until SRM reclaims the $0.85 area.

Serum (SRM) Long-Term Price
SRM/USDT Chart By TradingView

SRM Price Prediction: Short-Term Relief Before Breakdown

The technical analysis from the short-term six-hour chart provides a more bullish outlook.

Between Nov. 9 and 13, the RSI generated a significant amount of bullish divergence. This was the catalyst for an upward movement that is still ongoing. Measuring from the Nov. 14 low, the Serum price has increased by 150%. 

However, the preceding drop resembles a five-wave downward movement. This suggests that the SRM trend is bearish. If so, the bounce will end between the $0.41-$0.50 resistance and the downward movement will continue. The resistance is created by the 0.382-0.5 Fib retracement resistance area. The area could be reached in the next 24 hours.

Reclaiming the $0.50 area would invalidate this Serum (SRM) price prediction and suggest that a breakout attempt at the $0.85 area is expected.

SRM Short-term price
SRM/USDT Chart By TradingView

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)