AUDIO Price Analysis: Audius reeling from the latest setback

•AUDIO/USD is currently priced at $0.79 and has decreased by 1.84% over the past day

•The trading volume has increased by 78.71% over the past day

•The technical indicators are increasingly bearish for the near term

Short Term View: Audius on a Downtrend as bears take driver’s seat

Today, the Audius token price is $0.790970 with a 24-hour trading volume of $25,496,097. Audius is down 14.87% in the last 24 hours. The trading volume has been going up manifolds in the past day, which means that the drop may not have ended yet as the drop in prices is substantiated by volumes. The Volume to Market Cap Ratio stands at 0.05299.

Last year, the golden run of May saw Audius token price reach the all-time high at $4.99, a price level it has been trying to reclaim ever since, but to no avail. The coin is currently showing significant bearish divergences in the charts as it trades below the 2p and 50 SMA. The presence of the death cross has indicated a decisive downturn in the market, which could act as a death knell for the bulls. If the coin continues on its current trajectory, the support level at $0.74 will come into play. However, if an upturn in fortunes is observed, the resistance placed at $0.88 will be crucial for the bulls to surpass.

Long Term View 

On the hourly chart, Audius token price is fighting to maintain the vital support at $0.74. The technical indicators suggest a bearish sentiment in the market as the daily RSI is quickly approaching the oversold area, and Audius may see a temporary relief if the bulls are able to hold the support. The daily MACD is bearish and picking up momentum. This is terrible news for Audius that is likely to continue South in the near term. The histogram validates the bearish momentum showing bright red bars, indicating the sellers are in control.

Conclusion 

Audius token price analysis is very bearish for the near term as the past couple of weeks have shown a poor performance. The current price action gives no signs that Audius can move back up at this moment. Therefore, traders would be best served to be patient and wait for a more comfortable entry at a lower point.

Support:$0.74

Resistance:$0.88

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.