THE ONLY SERUM I WANT TO TAKE RIGHT NOW! (UNDERVALUED PROJECT)
Updated
Been a minute since we published an idea.
Today we look at the pair, SRM /USDT
First off, the Fundamentals,
SRM (Serum) is a decentralized exchange built on the Solana Blockchain that allows you to make both market orders and limit orders compared to traditional DEX's that only allow market orders namely; UNISWAP, SUSHISWAP & PANCAKESWAP etc.
In addition to being built on solana's blockchain, it also means that transactions are going to be quicker and faster than other DEX's and the fees are going to be lower than the likes of those built on Ethereum.
Serum was co-founded by FTX, Alameda Research & The Solana Foundation.
Now on to the Technicals,
From the chart we can see that from it's listing up until it's first rejection at resistance, as shown by the Fibonacci tool, we found a bottom at around the 0.382 fib region and bounced right off there to begin our impulse wave 3 whilst forming an ascending channel that looks to be respecting price action on the top of that wave, which was just under the 1.618 fib resistance.(Not shown for clarity reasons)
The 0.382 fib bottom gives us the idea that the entire impulse move is considered a First-Wave Extension, with wave 1 being the longest of them all.
Should histroy repeat itself, finding support here and bouncing right off it would give us a wave 5 price target in the range of
a few dollars under the $30 mark or a few above it, which alligns with our channel resistance and also ensures wave 5 is shorter than wave 3, confirming our First-Wave Extension Thesis.
If you agree with this idea, pls make sure to like and share.
Pls leave your thoughts in the comments section and as always, feedback is very much appreciated.
Today we look at the pair, SRM /USDT
First off, the Fundamentals,
SRM (Serum) is a decentralized exchange built on the Solana Blockchain that allows you to make both market orders and limit orders compared to traditional DEX's that only allow market orders namely; UNISWAP, SUSHISWAP & PANCAKESWAP etc.
In addition to being built on solana's blockchain, it also means that transactions are going to be quicker and faster than other DEX's and the fees are going to be lower than the likes of those built on Ethereum.
Serum was co-founded by FTX, Alameda Research & The Solana Foundation.
Now on to the Technicals,
From the chart we can see that from it's listing up until it's first rejection at resistance, as shown by the Fibonacci tool, we found a bottom at around the 0.382 fib region and bounced right off there to begin our impulse wave 3 whilst forming an ascending channel that looks to be respecting price action on the top of that wave, which was just under the 1.618 fib resistance.(Not shown for clarity reasons)
The 0.382 fib bottom gives us the idea that the entire impulse move is considered a First-Wave Extension, with wave 1 being the longest of them all.
Should histroy repeat itself, finding support here and bouncing right off it would give us a wave 5 price target in the range of
a few dollars under the $30 mark or a few above it, which alligns with our channel resistance and also ensures wave 5 is shorter than wave 3, confirming our First-Wave Extension Thesis.
If you agree with this idea, pls make sure to like and share.
Pls leave your thoughts in the comments section and as always, feedback is very much appreciated.
Trade active
Scenario 2 for a bottomEither way price shouldnt go past the pivot line as it's in line with the 1.236 fib support, which would confirm a regular flat correction pattern.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.