- Augur (REP) has spiked over 35% in the final 30 hours.
- The Forecast Foundation is shifting in the direction of accelerating the improvement of the platform.
- REP might quickly retrace earlier than it continues its uptrend.
Augur is on a roll as its value surged over 35% in opposition to the greenback in the final 30 hours. The latest bulletins concerning new upgrades and merchandise might be straight associated to the sudden spike.
On the Works
During Devcon 5 in Osaka, Japan, Augur founder Joey Krug revealed that Augur v2 is set to launch in Q1 2020. The authentic plan was to launch a number of upgrades one after the other. After an in-depth dialogue, the crew agreed to launch them suddenly.
“While Augur may be slow, expensive, and clunky today—that won’t be the case much longer.”
Augur v2 will combine 0x to allow providers related to on-chain buying and selling. Users will now have the means to create, modify and cancel orders in a well timed and cost-effective method. This improve will even add MarkerDAO’s DAI as the settlement forex stopping customers from being topic to ERC20 token volatility. Finally, the improvement crew is engaged on enabling excessive throughput and low latency trades as the scaling resolution for the prediction market platform.
As the Forecast Foundation prepares the new set of upgrades, Prediction Labs announced that it would introduce STLD Exchange alongside with Augur v2. The new service will present instant-payout for choose prediction markets on the betting platform. Users will be capable of swap their shares for DAI the second an occasion is accomplished on Augur as an alternative of ready for the platform to shut the operation.
The market seems to have welcomed the steps taken by the Forecast Foundation to speed up the improvement of Augur. As a outcome, REP’s value elevated almost 80% over the final two weeks.
REP Technical Analysis
After reaching a low of $7.30 on Oct. 23, Augur started an uptrend that has taken its value up 77.40% to a excessive of $12.95. The upswing made REP the greatest performing token amongst the prime cryptocurrencies by market cap, based on CoinCodex, a cryptocurrency market knowledge supplier.
Now, this cryptocurrency is attempting to regain the 150-day shifting common as help on its 1-day chart. Closing above this shifting common might set the stage for an additional bullish impulse that takes REP to check resistance at $13.70, which is the 200-day shifting common.
By measuring the Fibonacci retracement indicator from the low of $5.34 on Dec. 15, 2018, to the excessive of $27.17 on April 8, a collection of help and resistance ranges could be recognized. Augur is presently preventing the resistance offered by the 65% Fibonacci retracement degree primarily based on its 12-hour chart.
Meanwhile, a spinning prime candlestick sample is creating beneath this time-frame. This technical formation estimates that consumers are dropping management over the value, and a reversal to the draw back might be close to, according to Investopedia.
Bearish and Bullish Views
If the spinning prime candlestick sample is validated, REP might pull again to round the 78.6% Fibonacci retracement degree the place the 50-day shifting common resides.
Conversely, a rise in demand for this cryptocurrency might invalidate the outlook foreseen by the bearish candlestick. Moving above the latest excessive of $12.95 would point out an additional advance to the 50% or 38.2% Fibonacci retracement ranges that sit at $16.25 and $18.80, respectively.
Cryptocurrency dealer Mihir Naik believes REP now has the alternative to carry out strongly in opposition to bitcoin and will attain a excessive of 160,000 satoshis. This represents a 26% enhance from the present ranges.
Disclaimer: The technical evaluation above shouldn’t be thought-about buying and selling recommendation from CCN. The author owns bitcoin, Ethereum, and different cryptocurrencies. He holds funding positions in completely different cryptos however doesn’t interact in short-term or day-trading.
This article was edited by Sam Bourgi.
Last modified: November 4, 2019 19:25 UTC