Audius Price Prediction: Will the Prices hit the $1.8 Resistance Level?

Summary:

Audius price is up by more than four per cent in today's trading session. This is after closing below opening price for 4 consecutive days.

Audius price is up by more than four per cent in today’s trading session. This is after closing below the opening price for four consecutive days. The latest bullish move is also a continuation of a long-term trend which started on April 12, 2022.

In the past 24 hours, the crypto has seen its prices drop by more than five per cent, despite today’s session being aggressively bullish. This is due to yesterday’s Audius price dropping by 8.5 per cent. In addition, the cryptocurrency’s trading volume has also reduced by over 15 per cent in the past 24 hours, an indication that it is currently struggling in the markets.

Audius Price Prediction

Looking at the daily chart below, we can see the prices of Audius are in a strong bullish move. However, the previous four days have resulted in a drop of 17 per cent in the cryptocurrency price. The drop, however, is not a trend reversal as seen in today’s market prices. Using a Fibonacci retracement tool, we can see the prices retraced to the 23 per cent level and have since recovered in today’s trading session and risen by more than four per cent.

The Williams Alligator lines also show the trend is still to the upside. The Indicator shows a strong push to the upside is imminent, meaning we are likely to continue seeing the bullish move. The RSI indicator is also showing a divergence to the upside.

Using the chart, there is a high likelihood of the prices trading above the $1.25 resistance level. I also expect the prices to break a recent price high of $1.45. Since the prices are coming from a 23 per cent retracement level of the Fibonacci retracement tool, there is a high chance of an aggressive bullish move. This will likely result in prices hitting another long-term resistance level of $1.82.

However, my trade analysis is invalidated if the prices fall below today’s opening prices in the next few trading sessions. It will also mean the bullish trend is unlikely to continue, hence a further drop in prices.