• Is Serum (SRM) a good buy after the recent sell-off?

  • Serum SRM/USD is still under pressure; the price of this cryptocurrency has fallen from $13.95 to $6.7 since September 11th, 2021, and it is currently trading at $7.33. Technically, the risk of further decline remains high, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order.

    A high-potential project

    Serum is a decentralized exchange (DEX) and ecosystem that provides DeFi with unprecedented speed and low transaction costs while remaining completely trustless and transparent. Serum is designed not only for financial applications, but also for emerging industries such as gaming, and it is preparing to meet the needs of a larger and more diverse user base.

    This decentralized exchange’s governance token is SRM, and as of now, less than 15% of all SRM have been unlocked.

    The remaining tokens would be unlocked linearly in equal proportions over the next six years, with Serum estimating that only a very small percentage of these tokens would enter the circulating supply, which the foundation closely monitors.

    Serum is based on Solana, whereas the SRM token generates value for holders through protocol fees that are used to fund regular token burns. Since the beginning of August 2021, the price of serum (SRM) has skyrocketed, reaching a record high of more than $13.9 on September 11th.

    Since then, the price has dropped and daily trading volume has decreased, but Serum is planning continuous upgrades to the DEX and order book architecture to meet the changing needs of developers and user demand. According to the Serum team:

    Serum is gearing up to meet the needs of a larger and more diverse user base. Decentralized governance is an important step toward establishing a framework in which the community can have a say.

    Serum is a truly unique project with enormous potential, and the price of this cryptocurrency could return to the levels seen in September 2021; however, traders should keep in mind that if the price of Bitcoin falls below the $50000 support, it will have a negative impact on the price of SRM.

    SRM is under the control of bears.

    Serum (SRM) has fallen from record highs of more than $13.9 set in the second week of September 2021. The risk of further declines remains; the critical support level is $6, and if the price breaks it, it could signal the start of a larger downtrend.

    On the other hand, if the price rises above the $9 resistance level again, we have an open path to $10.

    Summary

    Serum is a promising project, but now is probably not the best time to invest in SRM. This Tuesday, the cryptocurrency market is losing value; Bitcoin’s price has fallen from recent highs, and the price of SRM may fall from current levels if the negative trend continues.

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