AUDIO Technical Analysis: Uptrend Struggles to Reach $4

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

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

Past Performance of AUDIO

AUDIO coin price recently gave a breakout of the consolidation range below the 50% Fibonacci Level with a solid bullish engulfing candlestick. However, the coin price struggles to rise above the $2.75 mark, evident by the higher price rejection candlesticks. 

The coin price struggles between the 50% and 38.20% Fibonacci levels in the daily chart. Hence, traders must wait for a decisive breakout before picking a side because of FOMO.

AUDIO Technical Analysis

The AUDIO coin price trades at $2.58 with a fall of 1.08% in the past 24 hours. Moreover, the intraday trading volume of the coin has increased by 65%.

AUDIO coin price action can foresee a bull run upon the bullish breakout of $2.75. However, the recent sideways trend increases the chances of a reversal.

The breakout of the $2.75 can be considered a suitable entry spot. However, the bull run may find resistance near the Pivot Points at $3.25 and $3.75. And, on the opposite end, the $2.25 and $1.95 can help oppose the downfall.

The RSI slope in the daily chart sustains above the central line and slightly below the overbought territory. The rise from 43% to 58% reflects the growth in underlying bullishness. Hence, the RSI indicator gives a buy signal for the AUDIO coin.

The MACD line and the seller’s line are above the zero mark. The lines may soon give a bearish crossover as their proximity increases. Moreover, the histograms reflect weakness in the uptrend. As a result, the MACD indicator shows a sell signal.

Upcoming Trend

As per the technical analysis of Audius, the AUDIO coin price is at a crucial stage. The breakout of the $2.75 can lead to a bull run, but the continuation of the sideways trend increases the chances of a reversal. 

In a nutshell, buying opportunity resides at the breakout of $2.75, and selling opportunity will showcase at $2.35 fallout.