Bitcoin price is leading the crypto market cap higher and it recently climbed towards the $13,200 level. A few small cap coins rallied today, including REP, WTC and BZNT.
- Bezant (BZNT) surged more than 200% to enter the top 100 cryptocurrencies list by the market cap.
- Augur (REP) is up around 12% and it broke the key $15.00 resistance area.
- Waltonchain (WTC) gained nearly 15% to climb above the $2.50 resistance area.
Augur (REP) Price Analysis
This past week, there was a sharp decline in augur price below the $17.50 and $15.00 support levels, whereas bitcoin kept rising. REP price declined below $13.50 and even traded close to the $12.50 level.
Click to Enlarge Chart
Looking at the 4-hours chart of REP/USD, the pair formed a swing low near the $12.57 level and recently started a fresh increase. It broke the key $14.00 resistance area to move into a positive zone.
There was also a close above the $15.50 level and the 25 simple moving average (4-hours). The price even climbed above the 50% Fib retracement level of the last decline from the $19.57 high to $12.57 low.
The price is currently up around 12% and it recently ran into a major resistance near the $17.25-17.50 zone. Moreover, there is a crucial bearish trend line forming with current resistance near the $17.20 level.
The 61.8% Fib retracement level of the last decline from the $19.57 high to $12.57 low is also acting as a resistance. Therefore, a successful close above the $17.20 and $17.50 levels could open the doors for more gains in the near term.
The next key resistance above $17.50 could be near the $18.80 level. The main hurdle for the bulls could be near the $19.50 and $20.00 levels.
Overall, augur price is likely to continue higher once it settles above the $17.50 level. Conversely, if there is a downside correction, REP may find bids near the $16.20 and $16.00 levels. The main support on the downside is near the $15.20 level plus the 25 simple moving average (4-hours).
The market data is provided by TradingView, Coinbase.
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