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Serum Up 3% Despite a Slow Down in Crypto Market – A Quick Update

  • Serum (SRM) price is currently trading at $1.08 with a 24-hour trading volume of $138,925,358.
  • Serum is one such network with significant potential for revenue generation and existing and future use cases.
  • Abreak below the $0.922 level exposes the SRM/USDT coin to a $0.726 support level.

The price of the most well-known altcoins, such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Solana, has recently fallen due to the bearish bias of Bitcoin (BTC). However, the Quant (QNT) token, along with other lesser-known altcoins such as Serum (SRM) and STEPN, ended up being the biggest gainer over the last 24 hours (GMT).

Serum (SRM) Price Review

The crypto market’s poor performance has not yet negatively impacted the Serum (SRM) price, which is currently trading at $1.08 with a 24-hour trading volume of $138,925,358. Serum has increased by 1.27 percent in the last 24 hours; with live market size of $283,070,265, the Serum is now ranked #101 in the world.

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On the other hand, Serum (SRM) prices have been flashing green since the day started and have maintained their attraction throughout the day thanks to its unique consensus mechanism that compromises decentralization to maximize speed.

What’s Driving SRM Price Higher?

We know that the cryptocurrency market is declining despite various emerging projects. However, the investor’s interest in new projects has continually grown as they trend to provide investors with higher returns on their investments.

Serum is one such network with significant potential for revenue generation and existing and future use cases. As a result, Serum has been able to maintain its upward trend.

It is also worth noting that the Serum (SRM) team has assumed a decentralized exchange that delivers the efficacy of centralized exchanges. Serum (SRM) is a developing project that might be useful in the future. However, the team’s efforts and advancements helped the network return.

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Serum (SRM) Technical Outlook

The SRM/USDT price is currently trading at $1.072, with strong resistance near $1.118. The double top pattern on the daily timeframe extends this resistance level.

The altcoin SRM has already breached the major resistance level of 0.922, and this level is now acting as support. Closing candles above this level are likely to drive the SRM/USDT price up.

A surge in SRM demand amid positive fundamentals has the potential to pierce the $1.118 resistance level. This gives the market more room to buy until the next resistance area of $1.226 and $1.364.

An uptrend is supported by technical indicators such as the RSI (Relative Strength Index) and the 50-day MA (Moving Averages). As a result, crypto bulls may seek a buying position above $0.922.

On the other hand, a break below the $0.922 level exposes the SRM/USDT coin to a $0.726 support level. Best wishes!

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