The crypto industry has seen quite significant price drops as 2021 came to a close, and many among its traders and investors were hoping that the new year will bring a new rally, much like it did last January. However, 2022 did nothing of the sort. In fact, quite the opposite. So far, it has only been three weeks and already many coins have seen excessive drops, which took them down to their largest support levels.
Serum (SRM), for example, crashed by over 17% in the last 24 hours alone, and most of its YTD chart shows negative performance.
Serum in 2021
Serum price is still higher than it was a year ago, on January 22nd, 2021, when it sat at $1.67. However, back then, the coin has reached this level as part of its rally that took it up from $1.03, which is where it was on January 1st, 2021.
Right now, the project’s price is $2.19 per token, and back in 2021, it reached this price on January 30th, as it rushed towards the resistance at $4, and soon after, the one at $7, which it reached around February 24th. After that, it corrected back to $4, only to skyrocket to $8 in mid-April.
After another brief correction to $6 which came after that, the token surged up, nearly reaching $12 in mid-May. That’s when the bears hit the first time, causing the largest price crash since 2018. Serum price got drawn into the bearish wave alongside the rest of the market, and dropped to $4, losing 75% of its value.
After the drop, it attempted a recovery a few times, only to be rejected by a resistance at $5, and eventually drop even lower, to a support at $2.5. Fortunately, the bearish influence ended around July 20th, which is when most cryptocurrencies started to recover, including SRM. The token then skyrocketed to $12.48 by September 12th, establishing an ATH that is still its highest point today.
But, following this milestone, the token crashed, first to $10, then to $7, and it only took 9 days to go from its ATH to this support. Once again, SRM attempted several recoveries, with most of them being stopped by a resistance at $8, although some did manage to go up to $9 before being stopped and rejected.
The final one took place in early November, and since that moment, Serum price has been spiraling down, only making a few rare breaks, when the bearish market loosened up a bit. Whenever that happened, Serum would immediately attempt to recover, but it would not go far before the bears took over again.
SRM in 2022
This brings us to January 1st, 2022, with the coin’s price being at $3.43 as the new year started. This was actually one of those calm periods where SRM made an attempt t recover, and it reached $3.85 before dropping to $3.5. After that, it tried another rally which took it to $3.88 on January 5th, which is when the bears took over once again.
By January 10th, the coin’s price crashed to $2.83, only to recover once again to a resistance at $3.20 by January 12th. After spending five days trying to breach it, the token once again got pulled down, breaking the support at $3, which became its new biggest resistance. While it was trying to breach it, between January 17th and 20th, the brars struck again, finally causing the crash that took it to its current level at $2.19.
To learn more about this token visit our How to invest in Serum guide.
The post Serum (SRM) Price Drops by Over 17% in 24h, as Bears Take Over the Market appeared first on Securities.io.
