One of the most tranquil cryptocurrency markets has begun showing signs of life. After an extensive accumulation period, the augur price is moving up in a rather decisive manner.
It is always interesting to keep an eye on altcoin markets, primarily when one wants to make some decent money in the process.
Augur Price Momentum Intensifies
When looking at the augur price chart, very interesting trends become apparent. Even though it might not look like it, this altcoin has gained over 75% in value over the past 30 days. Most of those gains have been realized in the past 24 hours, which is a common trend among cryptocurrencies so far.
It is good to see all markets move up in a swift manner. The years 2018 and 2019 have not been too positive for most cryptocurrency markets. With most of the assets gaining value in spades, an interesting situation is created. The augur price is just one example of how quickly things can evolve.
With the price going from $11.04 to $16 in a day, things have certainly been interesting. There is ample trading volume to back up these gains. However, REP is primarily traded against Bitcoin, USD, and KRW today. The lack of a USDT pair can be problematic, at least in terms of sustaining this augur price push.
REP/BTC Technical Indicators
Bollinger Bands: The Bollinger Bands are wide open in the REP/BTC department. Primarily on Binance, there is a lot of pressure to drive the value down. A gaping BB maw works both ways, and can quickly undo recently sustained gains fairly easily.
That said, a new accumulation phase following a near 40% gain is not unusual either. The augur price has risen in BTC value from 0.00115 to 0.00195 without any resistance. Sustaining such massive growth is not easy without going through a retrace of sorts.
Moving Averages: For REP/BTC, the moving average looks incredibly bullish on the hourly chart. The MA20 and MA50 bullish crossover is still in effect and shows no signs of breaking down. The MA200 is also moving up slightly, albeit that won’t necessarily help with this current trend.
On the daily chart, the current REP/BTC price is well above the MA20, MA50, and MA200. There is an equal bullish crossover between the MA20 and MA50, albeit less outspoken.
RSI: After remaining in overbought territory for a while, the REP RSI is now slowly coming down. There is no massive breakdown, indicating the overall uptrend seemingly remains intact. This can be very beneficial to the augur price. The first “real” resistance level sits near 0.002372, which is still a ways to go.