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AUDIO Technical Analysis: Price Consolidates Within Fib Levels

cryptoknowmics.com 01 November 2021 08:33, UTC
Reading time: ~2 m

AUDIO coin price consolidates within a range between 50% and 61.80% Fibonacci levels. Thus, increasing the chances of a bullish reversal.

Audius is a decentralized music sharing and streaming protocol. It facilitates direct transactions between creators and listeners, allowing everyone to distribute, monetize, and stream audio content freely.

Let us now take a deep look into the technical analysis of Audius.

Past Performance of AUDIO

After the downfall of more than 35% from the $3 mark, the AUDIO token price consolidates within the 50% and the 61.80%Fibonacci retracement levels in the daily chart. As a result, the chances of a bullish reversal increases with the support of crucial levels.

At press time, the coin price was $2.20, with a rise of 10.22% in the past 24 hours. Moreover, the intraday trading volume of Audius falls 34% in a day. 

AUDIO/USD Daily Chart

AUDIO Technical Analysis

The consolidation range in the daily chart has been active since mid-September. As a result, the breakout on either side can release a substantial underlying momentum resulting in a solid move for the AUDIO coin.

The breakout of the $2.40 resistance can be considered a suitable entry spot for a range breakout. Upon breakout, Pivot Points indicate resistance levels near $2.75 and $3.25. However, a reversal from the range’s resistance can find support levels at $1.90 and $1.20.

The RSI slope jiggles up and down the halfway mark on the daily chart as the price consolidates. However, the gradual rise in the slope indicates an increase in bullishness. As a result, the RSI indicator gives an overall bullish signal.

In the daily chart, the MACD and signal lines rise higher. The positive alignment is reflected in the fast line that is above the slow one. The histograms also show a remarkable growth in bullish momentum. The MACD indicator signals a buy for the AUDIO token.

Upcoming Trend

As per the technical analysis of Audius, the AUDIO token price action gained bullish sentiments despite being under consolidation. Moreover, the technical indicators forecast a high possibility of an upside breakout. As a result, investors can find entry opportunities upon a $2.40 breakout.

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