From the Flamingo and Serum technical analysis, DeFi is on fire. SRM/USDT is on a tear as buyers target $20. On the other hand, FLM/USDT may double to $2. Serum (SRM) Running on Solana, Serum is a DEX boasting of low transaction fees and high processing speed. Past Performance of SRM The SRM price is trading at $11, rising 13 percent on the last day against the greenback but capped in a $1.40 trade range with intraday support and resistance at $10 and $12, respectively. Meanwhile, the average trading volumes in the past day are up marginally to $426 million. Day-Ahead and What to Expect Buyers are in the driving seat. The Serum technical analysis, based on price action in the daily chart, points to buyers. The SRM/USDT price is trading in a bullish breakout pattern, driving SRM to new 2021 highs with decent trading volumes. SRM/USDT Price Analysis Technically, Serum bulls are in the driving seat as aforementioned. Trading within a bullish breakout pattern, the path of least resistance is northwards. The first bull targets are at $13—the 1.618 Fibonacci extension level of the Q1 2021 trade range. As momentum builds, a break above this level opens the SRM price to $20—the 2.618 level. A deeper pullback driving below $8 pours cold water on the uptrend. Flamingo (FLM) The Flamingo DEX works from the NEO and the Poly Network interoperable protocol. It offers several DeFi products, including a vault, DAO, and perpetual trading. The FLM is the governance token of Flamingo. Past Performance of FLM The FLM price is trading at $1.02, adding 16 percent on the past day and $0.14. The token is trading at between $0.87 and $1.06 on the last day. Meanwhile, the uptrend is propped by determined buyers. Average daily trading volumes are up 91 percent to $106 million. Day-Ahead and What to Expect Flamingo technical analysis suggests buyers. FLM is rising with the tide, bottoming up and reversing losses from mid-Apr 2021. Overly, buyers are in the driving seat. Subsequent bull bars from the tail end of Apr 2021 confirm the reversal pattern of around 10-days ago. Since trading volumes are also rising in tandem, an opportunity might be presented for buyers who would then target $2. FLM/USDT Price Forecast FLM/USDT is in an uptrend. Trading at $1, the FLM price is bottoming up after finding support from around the 50 and 61.8 percent Fibonacci retracement level of the Q1 2021 trade range. The immediate bull is $1.2. A high volume close may trigger another wave that may drive FLM prices to $2 in the medium term.
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