- Trading volume of AUDIO crypto witnessed a decline over the last 24 hours.
- The trading price of the Audius token has advanced by 69.6% in the last 30 days.
Audius, a decentralized music streaming platform now on Solana, aims to revolutionize the music industry by connecting artists directly with fans. Founded by Roneil Rumburg and Forrest Browning, it empowers artists to upload content, rewarding them through its native token, AUDIO.
The market cap of the Audius token advanced 1.89% in the last 24 hours following which the market cap value of the crypto is $373.928 Million. Moreover, the market cap ranking of the crypto is #186.
The trading volume of the token has further declined by 32.05% to $26.739 Million in the last 24 hours. Also, the volume/market cap ratio of the crypto is 7.17% and the market cap dominance of the crypto is 0.01%.
The volatility of the crypto is 19.03% as per Coincodex. The sentiment of the crypto is further bullish and the fear and greed index of the crypto is at 82 representing extreme greed.
The circulating supply of the token is 1.203 Billion AUDIO and the total supply of the crypto is 1.242 Billion AUDIO. Notably, the max supply of the crypto is not defined, while the fully diluted market cap of the crypto is $385.692 Million. The supply inflation of the crypto is at 27.59%.
Audius Token Derivatives Analysis
The derivatives trading volume of the token is down 52.98% followed by a decline of 4.08% in the open interest over the last 24 hours. The value of the open interest for the crypto is $14.73 Million.
Moreover, the token is witnessing seller dominance as a higher long liquidation has been reported over the last 24 hours. The value of the long liquidation is $26.85K against the short liquidation of $311.56. Also, the long/short ratio for the crypto is 0.9759.
AUDIO Crypto Technical Analysis
The AUDIO token price is forming a bullish pattern on the weekly charts lead by a higher high swing structure and currently, the price of the crypto is forming a inside candle. If the price of the crypto further breaks above the high of the inside candle, further advance in the price could be witnessed.
AUDIO/USD Chart by TradingView
The price of the AUDIO crypto has advanced above the crucial moving averages on the daily timeframe followed by a recently formed golden crossover of the 20, 50 and 200-Day EMAs.
The MACD and the signal line are also trading in a golden cross followed by both the lines trading above the zero level. The histograms formed on the chart are also bullish which highlights buyers’ dominance.
The RSI of the crypto is trading in a bullish cycle while has recently declined below the 14-Day SMA. The following behavior of the indicator shows the possibility of further retracement in the trading price of the crypto.
Summary
Despite declining trading volume, Audius (AUDIO) has seen a remarkable 69.6% price surge in the last 30 days. With a market cap of $373.928 Million and bullish sentiment indicators, including extreme greed in the fear and greed index, AUDIO displays potential for further upside. Technical analysis hints at a bullish breakout from an inside candle pattern.
Technical Levels:
- Support Levels: $0.1350 and $0.1760
- Resistance Levels: $0.500 and $1.0
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.