- SRM token price has been on an uptrend for the past couple of days and recently it broke the supply zone.
- The SRM token price is trading above the symmetrical triangle pattern supply zone after breaking it.
- The pair of SRM/BTC is trading at the price of 0.00004446 with an increase of 4.26% in the past 24 hours.
The SRM token price is trading at the demand zone after it broke the symmetrical triangle pattern on a daily time frame. At present, the token has formed a bullish candlestick pattern at the demand zone. As the SRM token price rests at the demand zone, the token price is yet to cross the 10 MA. The SRM token price has started forming higher high and higher low formations on a daily time frame. The token price broke the supply zone with a strong bullish candlestick pattern and as a result, the token price continued the trend. Currently, it is retesting the breakout zone. The SRM token price is trading above the 50 MA and 14 SMA as it broke out of it. Moving forward the token price can take support at these MAs. Investors should remain as the token price is yet to cross the 100 MA. The SRM token price is currently trading at the upper band of the Bollinger band indicator after failing to break out of it. Volumes have increased as the token price shows both side movements in very less time.
The SRMA token price is forming ascending triangle pattern on a 4-hour time frame
Relative Strength Index: RSI curve is trading at the price of 57.79 as the token nears the supply area. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The SRM token price can be seen moving when it breaks out of the flag and pole and the RSI curve moves higher.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the SRM token price fell after the breakout of small resistance. Once the token price starts moving up again after breaking the supply zone, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously rising as the token price broke an important supply zone of $1.20. As of now, the token price is trading above this important demand zone. The breakout zone is now acting as a strong demand zone. At present, the token price is trading at $1.028. ADX curve has dipped out of the 20 mark.
CONCLUSION: SRM token price is in a strong uptrend and the same is depicted on the different time frame charts. The technical parameters are bullish following the SRM token price. As of now, the SRM token price has fallen to the breakout zone. It remains to see if the token price bounces off the demand zone or fails to do so.
