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

June 10, 2021      Dalmas Ngetich

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.

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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.

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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.

#Augur #DeFi #REP #REP/USDT #Serum #SRM #SRM/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.