AUDIO Technical Analysis: Bears Break $1 Support, Eye $0.85

Key technical points:

Past Performance of AUDIO

AUDIO prices fail to sustain the bullish reversal from the $1 mark that started with a missing star pattern earlier this month. However, the reversal rally faced higher price rejection above the 200-day EMA resulting in a correction below the psychological mark of $1. 

Source-Tradingview

AUDIO Technical Analysis 

The AUDIO price action shows the currently forming bearish candle reflects higher price rejection denoting a retest of the horizontal level breakout. Hence, the prices are most likely to fall to the upcoming support level with a rise in selling pressure.

Falling to get a bullish crossover, the bearishly aligned daily EMAs turn flattish and project a high reversal possibility. Moreover, the EMAs fail to protect the uptrend and regain the bearish status to provide resistance.

MACD indicator The fast and slow lines cross under the zero line as the selling pressure increases. Hence, the indicator projects a high possibility of bearish trend continuation. 

RSI indicator: The RSI slope reflects a gradual increment in selling pressure as the falling slope continues within the nearly oversold zone. Furthermore, the 14-day SMA remains under the bearish influence and provides resistance to the RSI slope.

In a nutshell, the AUDIO technical analysis displays a high probability of a fall to $85.

Upcoming Trend 

AUDIO coin price action faces an overnight growth in selling pressure as the market price breaks below the psychological support of $1. That is why sellers can find an entry at current market prices and expect the falling prices to reach the $0.85 mark before finding support.

Support Levels: $0.85 and $0.65

Resistance Levels: $1 and $1.20