Serum Range Triggers Strong Attraction In The Market! - Kakiforex.com - Financial Market Media No. 1 in the World Serum Range Triggers Strong Attraction In The Market! Serum Range Triggers Strong Attraction In The Market!
InstaForex

June 30, 2021

Serum Range Triggers Strong Attraction In The Market!

 Serum is a decentralized exchange (DEX) as well as an ecosystem that brings high speed and low transaction costs to decentralized finance (DeFi).


The study framework of the Serum project was developed by the Serum Foundation supported by a group of experts in crypto and co-founded by Sam Bankman-Fried.


The Serum network establishment was established using the Solana ecosystem of which Solana is a web -scale blockchain that can reach 50,000 transactions per second. This is achieved through a verifiable function and is known as the SHA 265 hash chain.


SRM is a ‘native token’ used on the Serum ecosystem and is a cross-chain exchange protocol that allows users to exchange assets between blockchains.


Looking at the SRM/USDT chart, the SRM price movement continues to maintain a bearish trend and has shrunk by more than 80% starting at the end of the May market until the June market movement.


But interesting to look at the price movement pattern, SRM once exhibited a jump of over 1,200% on the 2021 market movement and has recorded an all -time high (ATH) level at the $ 12.98 price level.


It can also be observed that it seems that the $ 2.50 support level is able to re -support the momentum of the price surge to re -test the SBR (support become resistance) level around $ 3.50.



If the SRM price movement manages to break the SBR level of $ 3.50, it is likely that the price will head first to the resistance level of $ 4.50 before testing the next SBR zone around $ 5.00- $ 5.50.


The $ 5.00- $ 5.50 SBR zone will be the focus level after the zone failed to be penetrated at the end of the May market as well as the beginning of the June market where the SRM price movement returned to decline.


Yet if the SRM price movement continues to be driven to make a decline, the $ 2.50 support level will remain the key zone to re -test.


While the lower price decline is expected to test the market opening level in Binance in August 2020 around $ 1.50- $ 1.80.


As of 11.30am local time, the SRM price jumped over 2% to trade at a price level of around $ 3.30.