AUDIO Technical Analysis: Buyers Plan Reversal At $0.85
Key technical points:
Past Performance of AUDIO
AUDIO prices surrender the bullish reversal above $1.35, coinciding with the 200-day EMA, with an evening-star pattern earlier in April. The downtrend rally started after the surrender broke under the psychological mark of $1 to take support at $0.85, as we mentioned in our previous article.
Source-Tradingview
AUDIO Technical Analysis
The AUDIO price action shows a potential double bottom pattern. It forms at the support of $0.85 which may result in the retest of the $1 fallout.
In the event of a falling crossover and the bearishly aligned daily EMAs flatten and show an extremely high chance of reversal. Additionally, the EMAs fail to stop the downtrend and then revert to bearish in order to create resistance.
The MACD and signal lines grow apart below the zero line as selling pressure grows, increasing the bearish spread. Thus, the indicator suggests the possibility of a continued bearish trend.
The drastic fall in the RSI value signals increased selling pressure, as it remains within the oversold zone. Additionally, the 14-day SMA is still under the negative influence and offers resistance.
In a nutshell, AUDIO technical analysis shows an extremely high likelihood of a $1 retest.
Upcoming Trend
AUDIO coin price finds support at the previous bearish support as the selling pressure falls, bringing the possibility of a price jump to the psychological level of $1. That is why buyers can find an entry at current market prices and expect the recovering prices to reach the $1 mark.
Support Levels: $0.85 and $0.65
Resistance Levels: $1 and $1.20