AUDIO Price Prediction: Will AUDIO Retest Demand Zone of $0.1600?
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AUDIO token experiences promoting stress and slipped to a bearish trajectory. -
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The AUDIO value slipped beneath its 200 day EMA help zone, displaying bear dominance.
AUDIO, the native token of Audius, is the most recent music streaming platform launched in 2018 for artists and musicians. The AUDIO crypto was in an uptrend and caught the swing excessive of $0.2900 however retreated sharply. Afterward, the decrease low swings had been noticed, and the token misplaced the features it had made. Moreover, the extreme promoting stress breached its key transferring averages and slipped the value beneath its essential help zone of $0.2000.
The AUDIO crypto displayed a bearish crossover and witnessed a trendline breakdown close to $0.2000. Recently, the trendline was retested, and the token began dragging once more; if the token slips beneath $0.1700, the selloff could develop to $0.1500, adopted by $0.1300 within the subsequent periods. The value motion reveals the promoting stress, and the patrons are unwinding their lengthy positions because of suspicion.
This cryptocurrency’s value was $0.1876 at press time, with an intraday acquire of two.43%, exhibiting an inside candle regardless of bearishness. Moreover, the buying and selling quantity elevated by 14.10% to $4.98 Million, highlighting volatility. The pair of AUDIO/BTC was famous at 0.00000455 BTC, whereas the market cap is $162.59 Million. Analysts are impartial and counsel that the token will proceed to hover beneath $0.2200 and will drag features within the following periods.
AUDIO On Daily Charts Displays Breakdown
On the each day charts, the AUDIO value tumbled beneath its key transferring averages and has been underperforming within the latest periods. The value motion signifies the correction together with the foremost cryptocurrencies and the altcoins; the AUDIO crypto has plunged over 40% prior to now weeks. The chart portrays a head and shoulders sample; the trendline close to $0.1700 is but to be breached.
The RSI curve stayed within the oversold area and revealed the sellers’ dominance and the underperformance within the final periods. The MACD indicator reveals a bearish crossover, suggesting that the token could proceed to tug features and can retest $0.1700 quickly.
AUDIO On Weekly Charts Reflects Rejection From 50 Day EMA
On the weekly charts, the AUDIO token value retested its 50-day EMA and fashioned a rejection candlestick, which led to a reversal within the latest periods. The token didn’t unfold the upward transfer, and promoting stress sharply deteriorated the traders’ features. Additionally, a bearish marabou candlestick from the 50-day EMA mark is an indication of a powerful sellers’ grip, which eliminated bulls from there.
Summary
The AUDIO value descended beneath its very important help zone of $0.2000 and will proceed to face a selloff within the upcoming periods. The pattern is cautious, and traders would possibly face some drawdowns of 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 said by the writer or some other individual named on this article are for informational functions solely and don’t represent monetary, funding, or different recommendation. Investing in or buying and selling crypto or shares comes with a threat of economic loss.
HI-FI News
by way of The Coin Republic https://ift.tt/0fdiUAb
January 26, 2024 at 07:21PM
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