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The AUDIO coin price finally finds bullish momentum and approaches the resistance trendline. Will it be enough for a bullish breakout?
Audius allows users to share and monetize content with others. Since its inception, the project has seen a great deal of growth and boasts many users. Audio is the native token of Audius. It can be used to manage governance, unlock badges, artist tokens, and reward nodes for discovery.
Let us now take a deep look into the technical analysis of Audius.
Past Performance of AUDIO
After doubling its price in August, the AUDIO token has been in a retracement phase resulting in the generation of a resistance trend line in the daily chart. The constant support from the $1.89 mark helps sustain the price above. However, the multiple attempts to rise above the trend line have gone wasted.
AUDIO/USD Daily Chart
AUDIO Technical Analysis
The recent increase in the buying pressure evident by the two strong bullish candlesticks formation in a row increases the chances of a bullish breakout. Moreover, the support zone near the $2.25 mark can help form higher lows.
As per the Pivot Points, the uptrend upon trend line breakout will face resistance near the $2.75 and $3.25 marks. However, if the price shows retracement, a downfall to $2.25 or $1.75 is possible.
The RSI slope rides above the central line in the daily chart. Moreover, the slope managed to sustain above the oversold zone despite the retracement in the past few weeks. Thus, the RSI indicator generates a buy signal for the AUDIO token.
The MACD and signal lines give a bullish crossover in the daily chart, indicating the breakout of the resistance trend line. Moreover, a slight divergence was visible at the last two dips at the $1.89 mark. Thus, the MACD indicator gives a buy sign.
The crucial EMAs 50, 100, and 200 provide constant support to the falling prices within the pattern. Moreover, the EMAs maintain bullish alignment with the price rising higher above them.
Upcoming Trend
As per the technical analysis of Audius, the upcoming trend of the AUDIO coin indicates the breakout of the resistance trend line. Assuming the trend line and the $1.89 mark form a descending triangle, a breakout can drive the prices higher to the $5 mark.