Serum (SRM) is bullish today and is among the largest gainers in the last 24 hours. At the time of writing, SRM was trading at $0.308 after a 32% gain in 24 hours. Serum is gaining after a successful fork on the network.
Serum price analysis
Serum has decoupled from the broader cryptocurrency market in the last 24 hours. The broader market is still struggling to recover from the lows caused by intense selling pressure after the FTX crisis. The total market capitalization is still below $900 billion.
In the last 24 hours, Serum has been one of the most traded low cap cryptos with trading volumes of more than $302 million. During this time, the token’s price has traded between $0.168 and $0.317, indicating high volatility.
The movement of SRM’s price today shows increased volatility. Nevertheless, it seems like the token’s buying pressure is subsiding. A Relative Strength Index (RSI) of 53 shows that SRM is currently neither overbought nor oversold.
Serum needs to hold the $0.30 support to prevent the price from dropping further. Traders seem to be selling the news of the fork on the protocol, and if the current uptrend reaches exhaustion amid a lack of new buyers in the market, SRM will likely drop to test $0.26. On the other hand, if the uptrend is sustained, the token will break to $0.32.
News of Serum fork trigger uptrend
Serum is currently rallying amid news of a fork on the network. The network is being forked amid fears that it could have been compromised as part of a broader hack on the FTX cryptocurrency exchange.
Serum is a decentralized finance (DeFi) protocol on the Solana blockchain. Developers are planning to release a new version of the protocol to ease fears of a possible security breach.
Three altcoins to buy today
As the market starts to move on from the FTX debacle, investors are looking for the next token to explode and deliver significant gains. Below are some cryptos to consider buying today.
The Dash 2 Trade presale is selling out first and has already sold more than $6.2 million in barely one month. Dash 2 Trade is a crypto signal platform slated to launch during the first quarter of 2023. The platform will enhance the trading experience by guiding investors in winning trades. Dash 2 Trade will ensure that crypto investors stay at the top of what is happening in the market to ensure they are not caught by surprise, as with the recent case with FTX.
Buy the TARO presale today and stand a chance of being one of the early investors in this promising project. TARO powers the RobotEra multiverse. In the RobotEra metaverse, a player can become a robot, manage their land, and be involved in creating the world. The TARO presale has raised more than 86,000 so far.
Calvaria is a crypto games platform that will take the entire industry by storm. Calvaria has set itself apart from other gaming projects by ensuring the widespread adoption of Web3 gaming. The RIA presale is already in stage four out of ten, having raised over $1.75 million.
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