Serum Price Prediction for Today, November 16: SRM/USD Bullish Price Recovery

 As the Serum market breaks out of the period of indecision, the bulls made one final attempt to capture the $0.812 resistance level, but the price got rejected. This resulted in a fast decline in the price and the price of the token dropped to $0.32. This new bearish stop becomes the new support. However, buyers could not hold their ground here as well, so the support shifts to $0.139. From here, the bullish trend begins. But buyers again face the obstacle of $0.32 resistance. This was the previous support level from which the price had fallen to $0.139 

Serum Market Price Statistic:

• SRM/USD price now: $0.33
•  SRM/USD market cap: $82,789,295
•  SRM/USD circulating supply:263,244,669.00
•  SRM/USD total supply: 1,092,844,982
•  SRM/USD coin market ranking: #183

Key Levels

• Resistance: $0.35, $0.4, $0.45
• Support: $0.10, $0.09, $0.08

Serum Market Price Analysis: The Indicators’ Point of View

Although we have seen some significant increase in the buying pressure, the bull market has a long way to go in restoring the price. Apart from the fact that the price action is still below the 20-day moving average of the Bollinger indicator, the RSI line measures 37 for the market momentum. This information supports the bearish market sentiment. But in the MACD, the faded red histograms signify an increase in buying pressure. And the MACD line is attempting a rebound from the negative zone of the indicator. This may be the beginning of a bullish trend, but investors should wait till the MACD line crosses the signal line before placing a long trade.  

SRM/USD 4-Hour Chart Outlook

This standpoint shows the buyers maintaining a strong support level which started yesterday up til today. And apart from the first session of today, the second session was bullish. But as the market approaches the resistance in the third session, we see a doji forming on the chart. This signifies an immense struggle between demand and supply. From the look of things, the price may enter another consolidation trend period

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