AUDIO, the native token of Audius, is the latest music streaming platform launched in 2018 for artists and musicians. The AUDIO crypto was in an uptrend and caught the swing high of $0.2900 but retreated sharply. Afterward, the lower low swings were spotted, and the token lost the gains it had made. Moreover, the severe selling pressure breached its key moving averages and slipped the price below its critical support zone of $0.2000.
The AUDIO crypto displayed a bearish crossover and witnessed a trendline breakdown near $0.2000. Recently, the trendline was retested, and the token started dragging again; if the token slips below $0.1700, the selloff may expand to $0.1500, followed by $0.1300 in the subsequent sessions. The price action reveals the selling pressure, and the buyers are unwinding their long positions due to suspicion.
This cryptocurrency’s price was $0.1876 at press time, with an intraday gain of 2.43%, showing an inside candle despite bearishness. Moreover, the trading volume increased by 14.10% to $4.98 Million, highlighting volatility. The pair of AUDIO/BTC was noted at 0.00000455 BTC, while the market cap is $162.59 Million. Analysts are neutral and suggest that the token will continue to hover below $0.2200 and may drag gains in the following sessions.
AUDIO On Daily Charts Displays Breakdown
On the daily charts, the AUDIO price tumbled below its key moving averages and has been underperforming in the recent sessions. The price action signifies the correction along with the major cryptocurrencies and the altcoins; the AUDIO crypto has plunged over 40% in the past weeks. The chart portrays a head and shoulders pattern; the trendline near $0.1700 is yet to be breached.
The RSI curve stayed in the oversold region and revealed the sellers’ dominance and the underperformance in the last sessions. The MACD indicator shows a bearish crossover, suggesting that the token may continue to drag gains and will retest $0.1700 soon.
AUDIO On Weekly Charts Reflects Rejection From 50 Day EMA
On the weekly charts, the AUDIO token price retested its 50-day EMA and formed a rejection candlestick, which led to a reversal in the recent sessions. The token did not spread the upward move, and selling pressure sharply deteriorated the investors’ gains. Additionally, a bearish marabou candlestick from the 50-day EMA mark is a sign of a strong sellers’ grip, which removed bulls from there.
Summary
The AUDIO price descended below its vital support zone of $0.2000 and may continue to face a selloff in the upcoming sessions. The trend is cautious, and investors might face some drawdowns in their portfolio amidst the downtrend and the market volatility.
Technical Levels
Support Levels: $0.1700 and $0.1500
Resistance Levels: $0.2000 and $0.2200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2024/01/26/audio-price-prediction-will-audio-retest-demand-zone-of-0-1600/