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Serum (SRM) price is trading at $0.08995 at 12 pm EST with a bullish bias after displaying an impressive surge on Tuesday.
SRM price spiked 31% from lows around $0.083 on August 1 to reach a high of $0.109.
It is not clear what sparked the sudden surge in the price of the decentralized exchange (DEX) token, but it appears ready for a sustained takeoff. Here are the key levels to watch for the Serum price.
Serum Price Must Hold Above 50 SMA To Secure Uptrend
At the time of writing, SRM was sitting on immediate support provided by the 50 simple moving average at the $0.090 psychological level. The appearance of the doji candlestick on the four-hour chart below suggested that there was a fierce fight going on between the bulls and the bears.
This was reinforced by the position of the relative strength index (RSI) 47, close to the midline, suggesting that the buying and selling pressure was balancing out.
The bulls are fighting to maintain the Serum price above the 50 SMA, while the bears are determined to flip it into resistance. If the bulls have their way, SRM price could produce a four-hour candlestick close above the 50-day SMA, with the next level to watch is the 100 SMA at $0.094.
Other key areas to watch are the $0.10 psychological level, the 200 SMA at $0.105, and the $0.109 swing high. Breaking these barriers could confirm a decisive bullish breakout for the DEX token bringing the $0.120 and $0.125 zone into the picture.
SRM/USD Four-hour Chart
Conversely, the bears could carry the day if they ensure a four-hour candlestick close below the 50 SMA. Such a move could see the Serum price drop first toward the $0.086 support level and later revisit the $0.083 swing low.
A drop below this level would invalidate the positive narrative, with the Serum price dropping to record lower lows.
SRM Alternatives
Those seeking to place their long bets on Serum must wait for a decisive close above the 100 SMA or the $0.109 local high. However, there is no telling when this may take place.
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