- The AUDIO token bull reclaims the 20-day EMA
- the AUDIO/BTC pair traded at 0.00005788BTC, with a gain of 1.35%
- The 24hr trading volume for the AUDIO token was $120.3 Million
As mentioned in my previous article on Audius, The Audio token continues the formation of a cup-handle pattern in the daily time frame. The price has reestablished the neckline of $3.2 after completing the handle portion of this pattern. However, the expectation of market buyers was not met when the chart showed a bearish engulfing candle indicating intense selling pressure at this level. Anyhow, the Audio traders can still wait for the price to at least break down from the nearest support before throwing this pattern in the dust bin.
According to the EMA’s, the token has a bullish tendency as its price is trading higher than its crucial EMA’S, i.e., 20, 50, 100, 200 EMA. The coin price has recently reclaimed the 20 EMA, encouraging the ongoing rally.
The RS value is 52, indicating slightly bullish momentum.
The AUDIO Token Crypto Chart In The 4hr Timeframe
The AUDIO token price is this lower time frame provided an early entry opportunity for the crypto trader with the breakout from a parallel channel pattern. The price also offered a retest to validate this breakout; However, even with this bullish pattern, the token price struggles to break the overhead resistance of $3.2
The MACD and signal lines of the Moving average convergence divergence indicator are moving higher than the neutral area (0.00), indicating bullish momentum for the AUDIO token. However, respecting the selling pressure in price action, the indicator’s lines have shown a bearish crossover, which projects a sell signal for the market participants.