Today’s trading session has seen Audius gaining in the market. This is a reversal from the previous three consecutive days, where we saw the crypto lose value after a strong surge on March 19, 2022.
At its core, Audius promises to connect artists and creative creators directly to their fans without the need for go-betweens. The service has gained traction in the last few years, with the platform’s ease of use and monetization of content by artists. The platform has also given artists the ability to distribute their music, a game-changer in the music industry. It has also allowed artists to have exclusive content which they can charge custom fees, allowing them to earn from their work.
On March 19, 2022, the Audius price rose by 65 per cent. Before the surge in prices, the cryptocurrency had traded sideways for some time but had started gaining momentum for an upward push. However, since the surge occurred, which saw Audius hit the $1.31 level, the prices have retreated, and the cryptocurrency is now trading at $1.05, a price 17 per cent below what it was a few days ago.
Looking at the daily chart below, there are two things we can observe, Audius is trading within support and resistance levels of 0.67 and 1.27; today’s trading session is showing a strong push to the upside, recording a price increase of over 1.5 per cent. Based on these observations and the fact that the cryptocurrency is trading 17 per cent of what the prices were four days ago, there is a high likelihood that the current bullish trend that started today is likely to hit $1.25 resistance level.
This is because the current drop in price is likely a correction and a new bullish move has started to form. However, if the price reverses and wipes out today’s gain by the end of today’s trading session, then my analysis is invalidated, and the surge in price on March 19 was a fluke. It also means we should expect a continuation of the bearish move.
This post was last modified on Mar 23, 2022, 17:40 GMT 17:40