Audius is the blockchain network for the music industry. It allows direct transactions between users and artists. Moreover, it is a music-sharing, and streaming decentralized protocol. It gives freedom to distribute, monetize, and stream any audio content on its platform. Let us look at the technical analysis of AUDIO.
In the past seven days, from September 11-17, 2021, AUDIO has traded between $2.20 and $2.69. Thus, in the past week, AUDIO has increased by approximately 20.05%. Thus, bulls have overpowered the market and taken over all the positions.
The regression trend of the token is trading downward. To change the direction of the trend, the price will have to give a breakout. It tried to break out, but the bears pulled it down. And, it gave a fakeout. The price is forming a narrow range, therefore we can expect it to give a breakout in either direction soon.
AUDIO is currently trading at $2.75, which is close to its crucial resistance level. At the resistance level, it is completing a bullish rounding bottom. Therefore, a breakout from this level will highlight new resistance levels and, AUDIO can make new highs.
Also, the RSI indicator is currently cooling off. It is currently at the 57% mark. Currently, it is taking support of the trend line and is making a bullish divergence. Thus, indicating that the buying pressures are slowly mounting.
The MACD and signal lines are in the positive zone, thus indicating a buy signal. Moreover, a bullish crossover by the signal line over the MACD line has occurred. Thus, we can witness that the overall market momentum is bullish, and the price will continue its up-trend after a short pull-back.
The On balance volume has broken its downtrend and has started moving towards an upward directory.
In short, when we look at all the three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
Currently, the price is taking support from the last breakout levels. Last week, AUDIO broke out of its three-month-long resistance level. Therefore, this is a small pullback that we are seeing, and the price is currently forming a base between these support levels.
However, if it breaks the immediate support level of $2.50 it will highlight the next support level which is at $2.08. Traders can scalp accordingly.
If the bulls take over the position again, then we will expect the price to break out of its immediate resistance of $3.01. Post which, it will highlight the resistance levels of $3.25 and $3.50.