SRM rebounds strongly from the support and approaches the new ATH

Serum (SRM) broke the USD 10 resistance area on September 9 and is close to an all-time high.

As long as it is traded above this level, it can continue to rise and enter the pricing phase.

Breakthrough at SRM

The SRM has risen along with the ascending support line since July 20th. On August 31, it attempted to break the USD 10 resistance area but failed. Another upward movement set in on September 7th and exploded two days later. The breakout occurred with high trading volume.

However, the price did not hit a new all-time high and fell to a high of $ 12.17.

Currently, the price is trying to hold above the USD 10 resistance area, which is likely to confirm it as support.

If price does so, the SRM is likely to climb to new all-time highs, possibly heading for the external Fib resistance of $ 1.61 at $ 19.70.

Daily SRM / USDT chart | Source: TradingView

Future movement

The number of waves indicates that the SRM has completed waves 1, 2 of a bullish impulse (orange). The number of partial waves is shown in black.

All pulses obey the rules of the channel, including the pullback with subwave 4 (black) and the top of subwave five that coincides with the top of channel 2-4 (orange).

SRM / USDT 6-hour chart | Source: TradingView

If the wavenumber is correct, the SRM may have initiated an extended long-term triple wave that could take it to a new all-time high.

Daily SRM / USDT chart | Source: TradingView

Trader @ J0hnnyw00 sketched the SRM chart and stated that its upward movement SOL can mimic. As mentioned above, if the token holds above the USD 10 support area, it could actually rise at a parabolic rate.

The source: Twitter

SRM / BTC

The SRM / BTC move is not as obvious as that of the USD pair. The pair trades within an ascending parallel channel. Such channels often contain correction structures.

In addition, it has been rejected twice by the resistance line, most recently on September 9th.

However, the price is still trading in the upper part of the channel. In addition, both MACD and RSI are rising.

So due to mixed signs, the pair will need to break out above the channel or fall to the bottom of the channel for the direction of the trend to become clearer.

SRM / BTC 2-day chart | Source: TradingView

You can see the SRM prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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