Augur (REP) Breaks Above Ichimoku. Is it A Good Bet?

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Augur (REP) Breaks Above Ichimoku. Is it A Good Bet?

Last May, Augur launched one of the most anticipated ICOs. After raising five million dollars, the total market cap of Augur’s REP token soon topped a billion dollars before the market went downhill. With a mostly boring price action, is Augur a good bet?

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Augur  (REP) Fundamentals

Augur, not to be confused with Shrek, the Ogre, is a predictions market, where people can bet on real-world events. For example, you can bet on the winners of a basketball game, an election, or even on tomorrow’s weather. But unlike most predictions markets, Augur is secured by decentralized smart contracts. Payouts are controlled by code, rather than centralized entities.

Augur’s founders say that this makes Augur a better way of forecasting events, because “the wisdom of the crowd” can be more accurate than any one person’s predictions.

Unfortunately, Augur’s crowd isn’t very big: there are only a handful of users each day, and many people say Augur is too hard to use. That may be due for a change, as new platforms like Veil bring an improved user experience to the predictions platform.

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REP/USD Technical Analysis

From a technical point, the forecast also looks partly sunny. Looking at Augur’s REP price action versus the USD, the REP/USD pair is attempting to break above a very important price level, on the upper band of the daily Ichimoku Cloud.

The Ichimoku cloud is an indicator that helps you understand the crowd sentiment and we use it as an indication for where the price could head in the future. REP/USD has been trading under the cloud since last May. 

So a break above the cloud could open doors for sunny days, and help REP reach the 50% Fibonacci retracement level of $34. The longer-term resistance sits at $51.

Of course, you need to only invest the money you can afford to lose in the volatile crypto markets and make your purchases proportionate to your risk tolerance. If you want to calculate your risk tolerance, head over to this MasterClass.

Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.

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Now I’d like to hear from you. After you subscribe head over to the comments section and tell me your forecast about Augur. Is Augur’s REP on your top-10 must-have list? If not, which crypto would you rather invest in and why? I can’t wait to hear from you, and I’ll see you with more updates next time.

Invest responsibly,