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Serum Price Prediction: SRM Stares at 30% More Losses

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Serum (SRM) was significantly bearish on Wednesday, trading 14% down. SRM began dumping on August 15 following the news that Binance had delisted the decentralized exchange token. 

Binance, the largest crypto exchange globally, intends to remove three tokens from its trading platform. 

According to an official statement by the exchange, it conducts routine assessments of all cryptocurrencies and trading products featured on its platform. The aim is to ensure the highest standards for protecting customers’ interests.

These evaluations are based on various factors, including trading volume, liquidity, network stability, defense against security attacks, and the dedication of the project’s team, among others.

By their latest assessments, Binance identified the following tokens—Sonm (SNM), Serum (SRM), and DFI—money (YFII)—as lacking compliance with these criteria.

The exchange said it would begin with stopping deposits for all trading pairs linked to these tokens on August 22. Binance, however, offered an extended withdrawal window until November 22. 

After this deadline expires, the exchange may convert the delisted tokens into stablecoins, with users notified before the conversion. Any proceeds from the token conversion will be credited to the owner’s wallets.

Immediately after the announcement, the three tokens experienced significant drops in value and have continued to trade in the negative territory since.

SRM, trading at $0.071 just moments before the announcement, swiftly plummeted to $0.052 on Tuesday, marking a substantial 27% decrease. SNM underwent a severe decline of 82%, descending from $0.2 to $0.05, while YFII saw a 21% drop from $725 to $574.

Serum’s trading volume increased by 455%, indicating investors are disposing of this asset. The 24-hour trading volume is up 16% to around $16.19 million at press time. 

Key Levels to Watch as Serum Price Plunges

SRM price has been downtrend since June 29, when the token tumbled 52% to yesterday’s opening around $0.052. This sell-off is being extended, suppressing any hopes of a significant recovery. 

The Serum price trades in a third straight bearish session, 37% below Monday’s opening at $0.074. The following levels to watch on the downside are the $0.40 psychological support, embraced by the $123.6% Fibonacci retracement level, and the 150% extension level at $0.033.

SRM/USD Daily Chart

Serum Price Chart - August 16
Tradingview Chart: SRM/USD

This grim outlook was supported by the downward-facing simple moving averages (SMAs). Note that the SMAs had sent a call to sell Serum on August 9 when the 50-day SMA crossed below the 200-day SMA, forming a death cross. This sell signal was still in play, suggesting the market conditions favored the bears.

In addition, the Relative Strength Index (RSI) was also moving downwards. The price strength at 16 reinforced the bears’ grip on the price, adding credence to the negative outlook.

On the upside, the RSI painted highly oversold conditions for Serum. As seller exhaustion kicked in, the ongoing downtrend could soon run out of steam. This could allow buyers to buy more on the dip, triggering a recovery.

In SRM’s price recovery, key levels are the 78.6% Fibonacci retracement level at $0.052, the 61,8% extension level at $0.056, and the $0.060 psychological level. Above that, the 23.6% Fibonacci would be the level to overcome before revisiting the August 14 opening at $0.074.

It is important to note that the sentiment around the DEX crypto is mainly bearish, with most analysts believing it would plunge further. An X user Prof.Noan.Ai  appeared to have a similar analysis to the one above, projecting a Serum decline to $ 0’0365.

Therefore, investors are advised to tread carefully and do in-depth research before deciding whether to invest their money in SRM. Meanwhile, they could turn to new cryptocurrencies like Launchpad XYZ, which have the potential to make handsome returns in 2023.

SRM Alternatives

Launchpad XYZ

Launchpad XYZ (LPX), a new crypto platform focused on Web3 analytics, has attained a significant milestone surpassing the $1.30 million mark in presale. This accomplishment has captured the interest of investors looking for a project that can revolutionize the crypto landscape. 

Launchpad XYZ is an all-inclusive platform that delivers various tools to enhance efficiency and profitability for crypto traders, investors, and users within the Web3 space.

The Launchpad XYZ team furnishes vital resources and tools, reinforcing its dedication to streamlining Web3 technology and fostering integration. 

To actualize this visionary concept, the creators have seamlessly integrated unique components like a trading terminal, trading advantage, Launchpad Quotient, and an AI-powered search function.

The native token of this innovative platform, $LPX, is being sold for $0.0445. The presale is expected to close once the fundraising goal of $1.55 million is accomplished.

To establish yourself as an early investor and potentially gain advantageous returns, visit the Launchpad XYZ website here and connect your cryptocurrency wallet. YoThrough bank cards, you buy $LPX tokens using  BNB, ETH, USDT, or traditional fiat currency.

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