In today’s trading session, Audius has surged by over seven per cent. However, today’s Audius price surge is a continuation of a sideways market that started late last month. The market trend has caused the cryptocurrency to alternate between bullish and bearish market trends for the past five trading sessions.
Despite today’s Audius price showing that the cryptocurrency may be in a strong bullish market, the data, when taken into a broader context, indicates the prices are still in a bearish trend. Looking at the year-to-date data, Audius has lost 45 per cent of its value. In April, the prices dropped by 26 per cent. There were expectations that the bearish trend would continue into the month of May. However, the current sideways market has been a net bullish resulting in the month of May price gains of four per cent.
The chart below shows the price of Audius surging by more than seven per cent in today’s trading session. The chart also shows that the cryptocurrency has been trading sideways for the past five days. Today, trading at $0.86, Audius has seen a price increase of four per cent in the month of May.
The chart’s Williams Alligator and RSI indicators also show that the cryptocurrency is still in a strong bearish move. However, in the case of the RSI indicator, the reading also shows a small divergence to the upside. This can be interpreted as a sign that the prices are likely to be starting a bullish trend.
Therefore my Audius price prediction expects the cryptocurrency to continue with its current bullish trajectory for the next few trading sessions. This is despite the prices being in a long-term bearish trend. The reason is that the current bullish trend that is forming is not a price reversal but a bearish flag. These are patterns that form during a strong bearish move that results in price corrections. There is also a high likelihood that the current bearish flag can result in the prices breaking the $1 price level before resuming the strong bearish trend Audius is currently trading.
This post was last modified on %s = human-readable time difference 11:37