The AUDIO price continues to consolidate in a tight trading band alongside the 100-DMA. Here’s what needs to happen for Audius to rally.
Audius (AUDIO) is slightly higher at $2.268 (+0.90%) early Friday, down around 6.7% over the last seven days. The music streaming platforms market cap has dropped to $1.12 billion, which places it just inside the top 100 cryptocurrencies, at #96. AUDIO’s price action has quietened down considerably in that two months compared with the wild swings seen in August and September. In August, Audius spiked 170% to a four-month high of $4.168 before crashing 57% in the three weeks following. Since then, apart from the odd burst of volatility, the price has traded broadly sideways. Subsequently, the AUDIO token reis trading at a 55% discount to its all-time high of $5.175. And unfortunately, for longs, there are no immediate signs that Audius will rally soon.
The daily chart shows that the AUDIO price consolidates within the Bollinger Bands and hugs the 100-Day Moving Average at $2.314. And until a strong narrative in either direction emerges, the token is likely to remain trapped in the tight trading range.
The top Bollinger band at $2.650 is the first resistance level of note, whereas the lower band at $2.004 provides support.
Considering the sluggish price action, I expect Audius to test the lower band in the coming sessions. Furthermore, if the broader crypto market succumbs to selling, the price may exceed $2.004 and extend to the 200-DMA at $1.783. However, the bearish view becomes invalid if AUDIO punches through resistance at $2.650.
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This post was last modified on Dec 03, 2021, 05:19 GMT 05:19