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Vikram
Apr 12, 2022
by Vikram

AUDIO Technical Analysis: Bears Ready To Stomp $1 Support

AUDIO
AUDIO coin price fell 40% last week, increasing the chances of a downfall below the $1 mark as the price selling pressure increases. 

Key technical points:

  • The AUDIO price approaches the $1 mark. 

  • The EMAs retain the bearish alignment in the daily chart. 

  • Finally, the 24-hour trading volume of Audius is $33.86 Million, marking a 50% rise.

    • 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%.

    TradingView Chart

    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

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    Audius AUDIO
    AUDIO Technical Analysis: Bears Ready To Stomp $1 Support
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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