Technical Analysis - Serum
SRM/USDT - Week 38
As shown in the chart above, we will be analyzing the technical status of SRM/USD.
SRM is one of the most hyped and attention-rich projects in this space. This also shows in the chart, which has recently endured a healthy retrace, after weeks of upwards momentum. Right now, the market structure is a combination between a wedge and an ascending triangle.
Starting with the market structure, we see, as mentioned above, a wedge that is transforming into a higher timeframe local ascending triangle. The volume inside this structure started low, which was a sign of reversal. As it is breaking the wedge structure, the volume is increasing and showing the buyers' strength and interest.
In addition to the bullish narrative, we see MKAST Algorithm switching to the bullish condition and supporting a breakout. Simultaneously, the MKAST-Index is currently at 7/15 points and breaking its ALMA to the upside, giving it more than 50% room to grow.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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