Augur (REP) has spiked over 35% in the last 30 hours. The Forecast Foundation is moving towards accelerating the development of the platform. REP could soon retrace before it continues its uptrend. Augur is on a roll as its price surged over 35% against the…
Augur is on a roll as its price surged over 35% against the dollar in the last 30 hours. The recent announcements regarding new upgrades and products could be directly related to the sudden spike.
During Devcon 5 in Osaka, Japan, Augur founder Joey Krug revealed that Augur v2 is set to launch in Q1 2020. The original plan was to release several upgrades one by one. After an in-depth discussion, the team agreed to release them all at once.
“While Augur may be slow, expensive, and clunky today—that won’t be the case much longer.”
Augur v2 will integrate 0x to enable services associated with on-chain trading. Users will now have the ability to create, modify and cancel orders in a timely and cost-effective manner. This upgrade will also add MarkerDAO’s DAI as the settlement currency preventing users from being subject to ERC20 token volatility. Finally, the development team is working on enabling high throughput and low latency trades as the scaling solution 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 provide instant-payout for select prediction markets on the betting platform. Users will be able to swap their shares for DAI the moment an event is completed on Augur instead of waiting for the platform to close the operation.
The market appears to have welcomed the steps taken by the Forecast Foundation to accelerate the development of Augur. As a result, REP’s price increased nearly 80% over the last two weeks.
After reaching a low of $7.30 on Oct. 23, Augur began an uptrend that has taken its price up 77.40% to a high of $12.95. The upswing made REP the best performing token among the top cryptocurrencies by market cap, according to CoinCodex, a cryptocurrency market data provider.
Now, this cryptocurrency is trying to regain the 150-day moving average as support on its 1-day chart. Closing above this moving average could set the stage for a further bullish impulse that takes REP to test resistance at $13.70, which is the 200-day moving average.
By measuring the Fibonacci retracement indicator from the low of $5.34 on Dec. 15, 2018, to the high of $27.17 on April 8, a series of support and resistance levels can be identified. Augur is currently fighting the resistance presented by the 65% Fibonacci retracement level based on its 12-hour chart.
Meanwhile, a spinning top candlestick pattern is developing under this time frame. This technical formation estimates that buyers are losing control over the price, and a reversal to the downside could be near, according to Investopedia.
If the spinning top candlestick pattern is validated, REP could pull back to around the 78.6% Fibonacci retracement level where the 50-day moving average resides.
Conversely, an increase in demand for this cryptocurrency could invalidate the outlook foreseen by the bearish candlestick. Moving above the recent high of $12.95 would indicate a further advance to the 50% or 38.2% Fibonacci retracement levels that sit at $16.25 and $18.80, respectively.
Cryptocurrency trader Mihir Naik believes REP now has the opportunity to perform strongly against bitcoin and could reach a high of 160,000 satoshis. This represents a 26% increase from the current levels.
Disclaimer: The technical analysis above should not be considered trading advice from CCN. The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in different cryptos but does not engage in short-term or day-trading.
This article was edited by Sam Bourgi.
Last modified: November 4, 2019 7:25 PM UTC