Audius is a revolutionary music streaming service that operates on a decentralized network. Initially developed on the POA network, it has since transitioned to Solana. It was created to address the opaque nature of music rights ownership and the unnecessary middlemen in the traditional music industry.
The platform is designed to serve the collective interests of musicians, listeners, and network contributors, all facilitated by the platform’s own cryptocurrency, the AUDIO token.
Technical Outlook Of Audius Crypto Price
The price action of the AUDIO crypto showed that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few weeks. Moreover, due to declining investor interest, trading volume was below average.
Furthermore, the AUDIO showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.
The ongoing trend with bears, and the cryptocurrency was also in a corrective phase, which made bulls cautious. Moreover, the AUDIO trades below the essential exponential moving averages and tries to attain the 100-day EMA to hold the gains.
At the time of writing, the AUDIO price is trading at $0.2694 with an intraday gain of 0.45%, showing a bounce from the lower trendline near the support mark of $0.2343. Moreover, the intraday trading volume is 4.57 Million and the market cap is $330.38 Million.
AUDIO Crypto Volume vs Price Analysis
The graph suggests that the trading volume has declined over the last few weeks and the price has witnessed selling momentum. In the last few days, the trading volume has decreased from $22 Million to $4.29 Million. If the trading volume keeps declining then it may affect the price negatively.
At the time of publishing, AUDIO crypto (USD: Audius) is trading above the 50-day SMAs (Simple moving averages), which do not support the price trend.
The current value of RSI is 46.85 points. The 14 SMA is above the median line at 49.41 points indicating that the AUDIO crypto is bearish.
Summary
Based on technical indicators, including the MACD, RSI, and EMA, the bearish trend in the price of Audius (USD: AUDIO) is being supported. These indicators are showing negative signals and suggest that the downtrend may continue. The price action also reflects a bearish sentiment among investors and traders in the 1-day time frame. Moreover, the Santiment data is also showing bearishness in the crypto price.
Technical Levels
Support Level: $0.2752
Resistance Levels: $0.3188
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 own research before making any financial decisions
