AUDIO Technical Analysis: Bears Ready To Stomp $1 Support
Key technical points:
Past Performance of AUDIO
AUDIO coin prices showcased a phenomenal rise of 47% on 19th March, resulting in a bullish engulfing candlestick breaking above the $1 mark. The post-retest reversal from the psychological barrier at $1 pushed the price higher to $1.75, accounting for a bullish growth of 160% within three weeks. However, the upcoming week resulted in a sharp correction of 40%.
Source-Tradingview
AUDIO Technical Analysis
AUDIO coin prices undergo a correction phase resulting in a retracement to the $1 mark within a week from the $1.75 mark. However, the bulls are fighting back to withhold the psychological milestone.
The essential daily EMAs retain a bearish alignment failing to sustain the uptrend and succumbing under the seller's influence.
RSI Indicator: The RSI slope shows a downtrend from the overbought boundary below the halfway line with the 14-day SMA breakout. Hence, the RSI value slips lower and approaches the oversold boundary.
MACD Indicator: The MACD and signal lines give a bearish crossover and reflect growth in the bearish spread. And, with the increasing intensity of the negative histograms, the downtrend possibility increases.
In a nutshell, the AUDIO technical analysis highlights the possibility of psychological barrier cracking under bearish pressure.
Upcoming Trend
AUDIO coin price action reflects growth in bearish acceleration with the collapse of all the crucial daily EMAs. Hence, traders can expect the bearish trend to shortly reach the $0.85 mark.
Support Levels: $1 and $0.85
Resistance Levels: $1.20 and $1.40
