REP Breakout Following Huge US Election Predictions on Augur

While the whole cryptocurrency market experience a slight correction after last days growths, REP seems to be doing very well and gets some green changes.

Sometimes, all it takes is something newsworthy to get a cryptocurrency noticed. Once that happens, there is a sort of fervor amongst the masses to obtain this newly discovered coin. Why people react this way is no doubt the subject of many debates between psychology professionals, but as market traders, we do not need to know why, we just know that it is true.

Augur’s token, REP (Short for reputation Token), has the possibility to benefit from the recent success of the Augur prediction market in light of the US Midterm elections, which drew over $700,000 USD worth of volume. Looking at the Augur (REP) charts, we see definite signs that the REP/USD market is range bound and filly can expect a uptrend to occur.

REP/USD Price Chart, Friday November 9th:

Looking at the Technical analysis:

The most recent price is above the 21-Day WEMA, and that acts as a dynamic support for the signal.

Let us consider also, the RSI is at 58, further supporting an upward trend is imminent.

Finally, looking at the chart, the price downtrend, in the daily chart, is broken. Breaking of the trend increases the probability of a reversal, so the probability of the resumption of an uptrend is increased.

REP Uptrend May Face Temporary Retracement

Remember that there is always a possibility of some temporary retracement to the suggested support zone, which in this case is $14.00 to $11.00. If this occurs, remember to set orders based on Price Action and you can expect to reach short-term targets.

Watch for the Entry Signal

The Signal to watch for, that will indicate the best time to enter the market will occur when the price comes into the entry zone of $14-$11 USD AND then forms one of the confirming reversal patterns (Bullish Engulfing, Hammer or Valley). It takes both of these things to occur. Simply entering the Entry zone is not enough, wait for the conformation to follow.

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