- AUDIO surged by +60% to $0.27
However, the rally met a hurdle near $0.3 – Will it clear it?
As a researcher with experience in cryptocurrency analysis, I’m excited about Audius crypto’s recent surge in token price and trading volume. The 65% rally in just two days was impressive, especially given the listing on Business Insider as one of the top music techs to watch out for.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development regarding Audius (AUDIUS). This decentralized music streaming platform, which can be compared to centralized platforms such as SoundCloud and Spotify, experienced a significant surge in value for its native token, AUDIO. Specifically, there was a rise of over 65% between Thursday and Friday.
It’s intriguing to note that trading volume for this token experienced a staggering increase of over 6900% within a 24-hour period, based on CoinMarketCap data. The token gained momentum following Audius’s recognition in Business Insider as one of the 14 music tech companies worth keeping an eye on.
“Honoured to be named one of @BusinessInsider “14 Music-Tech Companies to Watch”
The uptrend caused the higher-timeframe market outlook to switch to bullish for Audio, but the price encountered a significant resistance level. Therefore, the query becomes: Will Audio’s bulls be able to surmount this obstacle?
Audius crypto bulls’ $0.3 headache
The daily chart featured a red-marked barrier, acting as a bearish order zone between $0.27 and $0.30, and it sat within the vicinity of both the 50% Fibonacci retracement level and the 38% Fibonacci retracement level.
Even though the price surpassed $0.270, resulting in a bullish market structure, bulls would need to break through the resistance at $0.30 in order to gain greater control in the market.
If the cooling-down period following the large rally continues, the price of AUDIO might drop to around $0.25 or even $0.20 before potentially overcoming any obstacles in its path.
As a financial analyst, I’ve observed a bullish signal in the technical indicators of the RSI and CMF. These readings have reinforced my belief in the rebound scenario. The strong buying pressure and substantial capital inflows during the previous two trading days are clearly indicated by these indicators.
Audius crypto liquidity on the lower side
Based on data from Coinglass’ liquidation reports, significant amounts of liquidity existed near the bottom of the price movement, particularly at the levels of $0.20 and $0.15.
As an analyst, I would interpret this as follows: When the price reached those specific levels, it provided an opportunity for me to sell and subsequently accumulate funds in readiness for a potential price recovery.
In the short term, it’s important to keep an eye on the price levels of $0.20 and $0.25 for AUDIO. If the bulls are unable to maintain $0.25 (which corresponds to the 61.8% Fibonacci level), there is a risk that the price could drop down to $0.20. This possibility becomes even stronger if Bitcoin [BTC] experiences significant pullback and falls below $66k on the charts.
Read Audius [AUDIO] Price Prediction 2024-2025
It’s important to note that several significant on-chain indicators showed positive signs for AUDIO. For example, the amount of AUDIO held on exchanges decreased while the supply off exchanges rose sharply. This pattern suggests that selling pressure lessened and the demand for AUDIO increased accordingly.
At present, the optimistic Weighted Sentiment score served as a confirmation of investors’ buoyant outlook towards the AUDIO market.
Moving forward, it’s essential to keep an eye on market activities when the price dips below $0.20 or $0.25. This becomes even more crucial if the goal is to reach the $0.3 mark again.
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2024-05-25 11:03