Augur and UMA prices are in green, building on impressive July 16 gains. UMA/USDT has support at $7, while REP/USDT could rally to $30.
The Ethereum-based predictions market utilizes the wisdom of the crowd. REP is native to the platform.
At the time of writing, REP is one of the top performers, adding 19 percent on the last trading day and pulling away from the June 2021 lows.
Technically, REP/USDT buyers appear in control, unwinding after deep correction in Q2 2021.
Most importantly, amid the pullback is the break above the middle BB with decent trading volumes pointing to interest from traders.
As we advance, REP traders can search for loading opportunities in lower time frames to load on dips.
Naturally, after deep corrections, it is only natural for prices to recover as they are at the time of press.
The close above the middle BB points to strength, and the confirmation of July 14 and 16 bull bars could signal a welcomed bottom.
Reading from the daily chart, REP/USDT prices are ripping higher, unwinding the selling pressure of last week in a bullish breakout pattern.
REP traders can load the dips targeting $30 in the immediate term.
On the flip side, a dump down below the middle BB and $15 could be a trigger for REP/USDT to change direction back to $10.
The objective of this platform is to democratize the creation of synthetics and, therefore, the derivatives market. Making this possible is the UMA token.
UMA prices remain in range inside a $4 zone with resistance at $11.
As of writing, UMA is stable with high trading volumes after posting solid gains for a double-bar bullish reversal pattern on July 15 and 16.
UMA/USDT remains in a downtrend even with the bullish engulfing pattern of July 16.
While it could trigger demand, supporting bulls, selling pressure of June 21 still linger, worsened by flat-lining participation levels.
Accordingly, reaction at $11 could shape the short and medium-term trend of prices.
From the daily chart, UMA prices are stuck in a sideways movement.
The immediate resistance level is $11, while support is at $4.
Aggressive UMA buyers may load the dips targeting $11 and later $20.
If $7 fails and UMA/USDT prices dump below June 2021 lows, bears may force the token to 2020 lows of around $5.5.