What Should Be Your Plan Of Action For AUDIO Crypto As It Rises?

Audius, a decentralized music streaming protocol on Solana, was founded by Roneil Rumburg and Forrest Browning in 2018.

It aims to address music industry inefficiencies by aligning artists, fans, and node operators through its native AUDIO token, enabling free music streaming, future paid content, and exclusive artist tokens.

The trading volume for the Audius crypto has declined by 34% in the last 24 hours, resulting in a traded value of $222.326M. This further is 91% of the overall market cap of the crypto.

As the volume/market cap ratio of the crypto is huge, this shows very high liquidity in the crypto price. The market cap value of the crypto is $258.078M, followed by the fully diluted market cap of $292.425M.

Audius Crypto Derivatives Analysis

The derivatives data of the Audius crypto is showing a decline of 25% in the open interest over the last 24 hours from press time. 

Despite the decline in the open interest, the derivatives volume for the crypto has advanced by 11%, resulting in a traded value of $67.16M. 

Also, the long/short ratio of the crypto is 0.9482, and the recorded long liquidation for the crypto is $44.77K, followed by short liquidation of $51.69K. This shows uncertainty among the buyers and sellers over the last 24 hours.

AUDIO Crypto Technical Analysis

The price of the AUDIO crypto has broken above the strong resistance of $0.20 and is currently sustaining above the same level.

The following price behavior of the crypto shows strength in price and a change in the trend to bullish in the crypto. Moreover, there are multiple swing highs on the higher side, which might act as resistance for the crypto. 

The trading price of the AUDIO crypto has advanced above the 50-day and 200-day EMAs, while the given EMAs are trading in a death cross.

If the crypto price continues to surge to higher levels, we might see a golden cross in the crypto.

The price of the AUDIO crypto has broken above the contracted Bollinger Band on the daily timeframe, showing a gain in the momentum of the crypto price.

Additionally, The MACD line was advancing towards a bullish trajectory on the daily chart. The histograms on the daily crypto chart are also strongly bullish and have advanced over time. 

The RSI has also hit the overbought zone and has broken above the 14-day SMA and the median level on the daily crypto chart.

Summary

Audius (AUDIO), a decentralized music streaming protocol on Solana, shows bullish potential as it breaks above the $0.20 resistance. 

Despite a high annual inflation rate of 17.17% and a 95% drop from its all-time high, technical indicators like MACD, RSI, and Bollinger Bands suggest a positive price momentum.

Based on the current technical chart of the AUDIO crypto, the resistance levels are $0.360 and $0.520, followed by support levels of $0.10 and $0.150.

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.

Source : The Market Periodical / May 26, 2024