- AUDIUS price prediction defines the bearish state of the AUDIO crypto price
- The AUDIO crypto price reported a year-to-date profit of 41%
- AUDIO price is struggling to breach the resistance level of $0.200
AUDIUS’s (AUDIO) price prediction is based on the bearish state of the AUDIO crypto price which has been declining since April 2023. The market had a bullish start to the year 2023 when the AUDIO coin price rallied over 250% from its swing low. The bullish pump escalated the price beyond the resistance of $0.4014, peaking at $0.5277. However, the price couldn’t sustain above the resistance level, which led to a rejection. The sellers capitalized on this situation and dumped the price by 72% to reach its critical support.
At the time of writing, the current market price of AUDIUS is $0.1810. The 24-hour trading volume surged 5.60%. The market is up by 0.78% in the last 24 hours. The overall market cap of AUDIO is $191,522,387.
Can AUDIO Crypto Hit the Target Price of the Descending Channel?
AUDIUS’s (AUDIO) price prediction showcases a strong downtrend as the price sinks to its critical support levels. The price traveled in an ascending channel on its way down. The AUDIO crypto price is 22% below the 200 EMA, which justifies the strong downtrend. On its way down, the market briefly sank below the important support of $0.1640 before its recovery.
The dip was aggressively bought by the buyers, forcing the price to bounce back by 41% to its primary resistance level of $0.2086. However, the sellers maintained their dominance and pushed the price back to the support level of $0.1640. Since then, the AUDIO token price has been consolidating between support and resistance.
Will AUDIUS Break the Resistance to The Upside?
Analyzing the 4-hour chart indicates that the short-term price action is sideways. The AUDIOS token price has lost momentum while the price is trapped in a range. The market is dominated by the bears, who are stopping the price from flipping the 200 EMA. The price did escape the descending channel pattern, but it lacks volume and strong momentum.
The breakout can get confirmation if bulls break the resistance of $0.200. This can boost the confidence of the buyers, helping the price to soar. The volume is declining, which means that the AUDIO token is getting ready for volatility. However, it is unclear where the market may choose to move.
RSI
The RSI indicator is currently at 45.28. It represents mild bearish conditions where the price may continue to fall until RSI goes above 50. Aggressive selling may happen only if RSI goes below 30.
MACD
MACD is making a bullish crossover below the zero line. The market may recover in the short term but will rise significantly if the indicator crosses the 0 line
200 EMA
On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the sellers. The 200 EMA acts as a dynamic resistance, and the price may decrease until it succeeds the 200 EMA.
Conclusion
AUDIUS’s (AUDIO) price prediction defines the bearish state of the AUDIO crypto price, which has been declining since April 2023. The overall trend of the market remains bearish, with no signs of reversal. The breakout of the descending channel lacks momentum and volume. Therefore, investors should wait for the price to break the resistance before considering a buying opportunity. Moreover, investors are advised to maintain a good risk management strategy to avoid losses.
Technical Levels
- Support Level: The nearest support level is $0.1640
- Resistance Level: The nearest resistance level is $0.2086
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.