Augur (REP) and Serum (SRM) Technical Analysis: What to Expect?

Dalmas  |  Jun 10, 2021

Serum and Augur prices are relatively stable after sharp losses. Even so, SRM/USDT may float to $6.5. On the other hand, REP/USDT may more than triple from spot rates to $60 in the medium term.

Augur (REP)

The protocol users the wisdom of the crowd. REP is native to the prediction markets platform.

Past Performance of REP

REP prices are in a downtrend below the middle and within a triangle.

The good news is that demand is building up.

REP is stable, adding a ballpark three percent across the board.

Day-Ahead and What to Expect

Technical candlestick arrangement suggests a bear flag in the daily chart.

Even though there is demand, REP is down almost 90 percent from Q1 2021 highs.

Still, a recovery above $30--as bulls build-up from the minor support trend line--may inject momentum for REP's tepid price action.

REP/USDT Technical Analysis

REP Price Daily Chart for June 10

From the daily chart, REP/USDT is moving inside a triangle in a downtrend below the middle BB.

Therefore, the odds of a break below the triangle with rising trading volumes are high.

However, a close above $30 could trigger demand. The subsequent wave of buy pressure may, in turn, lift REP/USDT towards $60 in the medium term.

Serum (SRM)

SRM is the central token on the Solana-based DEX. As a result, DeFi users rising on the scalable primarily benefit from low gas fees.

Past Performance of SRM

SRM/USDT is consolidating above a clear support line. Provided SRM prices are above $4; bulls have a chance in the medium term.

The middle BB is another important liquidation line since SRM/USDT is within a bear breakout pattern.

SRM is stable versus the USD, albeit with tapering participation. Trading volumes are down 18 percent to $65 million.

Day-Ahead and What to Expect

A conclusive close above $5 and the middle BB may be the basis for higher highs.

However, in a bear breakout pattern, a close below $4 pours cold water on Serum bulls' prospects.

SRM/USDT Technical Analysis

Serum Price Daily Chart for June 10

SRM prices are within a defined triangle with a baseline at $4.

If bulls flow back, forcing SRM/USDT above $5, prices may race towards $6.5 and new June 2021 highs.

Losses below $4 nullify the chances of an uptrend. In that case, SRM/USDT may shrink to $1.5 in confirmation of May 19 losses.

Related News