A new P2P prediction market and derivatives platform has been launched. Known as Veil and built on top of Augur, 0x and Ethereum, the platform is designed to bring Augur to the mainstream.
Augur is the leading prediction market protocol that is built on Ethereum as a dapp. It allows anyone to create, trade in and report on prediction markets. However, as Ethereum is slow at this moment in time, Veil has come up with a solution to remedy this.
Veil will make trading faster and cheaper for users as it uses the 0x protocol to speed up trading and minimize the number of transactions needed to be sent. As Ethereum transactions are slow, the introduction of 0x will provide faster trades to Veil users.
Veil will also help users get paid faster through its instant settlements.
The Augur decentralized oracle is designed to finalize and settle the outcomes on the prediction markets on Augur. However, the process can sometimes take weeks to complete which means that payouts are delayed for users. The instant settlement introduced by Veil will allow users to sell their Augur shares into Veil and receive either 0x or Ethereum in return.
With the launch of Veil, users will initially be able to trade in a limited number of supported markets. One of the most anticipated is the cryptocurrency derivatives markets which will offer a leveraged version of Bitcoin, 0x and REP to trade which will be structured as 7-day scalar markets.
Users can also trade on some Ethereum hedging products, which will provide derivatives for users to trade on fundamentals such as the Ethereum GAS price and the current hashrate of the Ethereum network.
Let us continue to take a look at price action of the Augur market and provide any potential areas of support and resistance moving forward.
Augur has seen a small price increase totaling 2.8% over the past 24 hours of trading, bringing the current trading price up to $10.89, at the time of writing. The cryptocurrency has seen a 7-day price rise totaling 7.36% and a 30-day price surge totaling 83%.
Augur is now ranked in 40th position as it currently holds a $118 million market cap value. The 39-month old project is now trading at a value that is 90% lower than the all-time high price.
Evaluating the REP/USD market from the daily chart above, we can see that REP/USD had fallen by a considerable 65% from the high in November 2018 to December 2018.
The market decline reached a standstill as it approached the medium-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $5.78. After reaching this area of support,the market went on to rally by a total close to 118%.
Price action for REP/USD has now reached resistance at the bearish .5 Fibonacci Retracement level (drawn in peach) priced at $10.79. This Fibonacci Retracement is measured from the high seen in November 2018 to the low seen in December 2018.
This area of resistance is also bolstered by the 100-day moving average, further adding to the level of resistance within the area for the market to overcome.
The market is undoubtedly on a bullish tear at this moment in time. If price action can continue and break above the $12.00 handle, we can see this market heading much higher than the current price.
If price action can break above the current resistance and climb above the 100-day moving average, we can expect higher resistance to immediately be located at the previous long-term downside 1.414 Fibonacci Extension level (drawn in brown), priced at $11.32.
If the bulls can continue to climb even higher, more resistance can be located at the bearish .618 Fibonacci Retracement level (drawn in peach) priced at $11.97. If they can continue to travel above the $12.00 handle, there is more resistance located at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue), priced at $12.58 and $13.37 respectively.
If the bullish momentum continues to drive price action higher, even more resistance will be located at the bearish .786 Fibonacci Retracement level (drawn in peach) priced at $13.64. This is followed closely by the short-term 1.618 Fibonacci Extension level (drawn in blue) priced at $14.50.
If the sellers begin to take advantage of the momentum within the market, we can expect immediate support towards the downside to be located at the short-term .236 and .382 Fibonacci Retracement levels (drawn in green), priced at $10.32 and $9.40 respectively.
Further support beneath this can be expected at the short-term .5 and .618 Fibonacci Retracement levels (drawn in green) priced at $8.66 and $7.92, respectively. If the sellers then continue to penetrate below the $7.00 handle, expect more support at the .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $6.86 and $6.23, respectively.
The final level of support to highlight is located at the downside 1.272 Fibonacci Extension level (drawn in purple) priced at $5.78.
The RSI is currently above the 50 handle which indicates that the bulls are in control of the market momentum. The RSI still has room to travel higher until it reaches “overbought” conditions which means that this bullish run still has room to travel.
The release of the new P2P platform Veil will certainly help bring Augur to a new set of people. Without Veil, transactions for Augur seem to be slow and expensive. The instant settlement feature from Veil could also incentivize impatient traders to join the prediction market.
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