AUDIO Token Technical Analysis
Audius may not be your regular coin. However, it is important that we analyze this coin to understand its prospect and what its potential is in terms of investment. What profits are possible with it and is it one of those coins that you would look back in retrospect and be complacent that you were one of the early investors?
Audius is ranked 99 according to market capitalization. This is on October 3. It is important that we clarify this since cryptocurrency tokens around this market cap routinely move up or down the ranking ladder. Let us now explain more about this token with emphasis on utility, since we are aware that the performance of a coin is linked to utility as well as the team behind it.
Audio is presently trading at $2.30 having been down by 3.5% in the last 24 hours. According to the 1-day chart, the coin is trending downwards, but this is not enough to conclude that it is in a downtrend. However, the 7-day chart shows a correction while the 1-month chart has formed a head-and-shoulder pattern. So to understand what is happening to the price of AUDIO, we have to apply some technical indicators.
10-Day, 20-Day And 50-Day Moving Average (MA)
The 10-day and 20-day charts show that the AUDIO is in an uptrend. However, the 50-day chart shows a downtrend. Considering that this is a reactive indicator, we understand that prices have been higher than they are at the moment over the long term. However, in the meantime, we are seeing an uptrend in the movement of the price of AUDIO as seen from the short-term MA. This indicates that we shall see higher values for the digital currency.
Analyzing the trend of the cryptocurrency using the Relative Strength Indicator (RSI) shows that the coin is in the overbought region. In fact, the coin has rejected the 70 indicator mark thrice as seen from the 4H chart, but is still in the overbought region. What we are witnessing is a trend that has continued in the overbought region.
The MACD indicator however gives further insight into what is happening to the strength of the trend. The indicator clearly shows that the trend is weakening, so it is likely that as the downward pressure intensifies that we would see the reversal of trend soon.
Since at Cryptoinfowatch, we never rely on one indicator, the summation of the AUDIO trend and price action can be stated as follows:
Using the one-month chart and reflecting on the volume of AUDIO with respect to the September 17 high of $3.2000, we can conclude that reversal is imminent. The coin is likely to test the $1.90050 support in the coming days. We can also see another head and shoulder pattern formation in which the coin will trade sideways unless we have much higher volumes in coming days.
The Future of AUDIO
Considering the ecosystem that the coin was built around and the potential inherent in it, it is obvious that this is another token that has good investment prospects. A trader can take advantage of the bases formed by the support using a short-term period to benefit from the market. Long term investment on the token is appropriate for investors who can afford to hodl. You can check the bases formed by AUDIO on the chart (white horizontal lines) and buy or sell within these periods and similar price differences.
What is Audius?
Audius is a decentralized platform that is designed to enable musicians to share their music and build a fan base without the need for contracts with a conventional label company. Audius enables the streaming of these works with the public and helps the musicians to monetize their works.
What are we listening to today? 👇
— Audius 🎧 $AUDIO (@AudiusProject) October 3, 2021
AUDIO is the native token of the AUDIUS blockchain. Holders of the token are able to vote in the governance of the ecosystem. They can also stake their tokens to make even more profit through sharing of profits from network fees. Owners can also be powered up to unlock features in the platform when they stake their AUDIO tokens. The implication is that the tokens find utility in an entertainment-based ecosystem.
AUDIO Coin Data And Tokenomics
AUDIO has a total supply of 1.055 billion and a circulating supply of 411 million. The coin has a market capitalization of $950 million as at the time of this report. It has a daily trading volume of $36 million.
There are several exchanges where you can purchase AUDIO. Some of these are Binance, FTX, Bitstamp, Uniswap, Gate.io, Poloniex, ZB.COM, Crypto.com Exchange, Indodax, WazirX, BitWell and CoinDCX.
Other exchanges where you can access this digital currency are
Coinex, 1inch Exchange, Pionex, BiOne, Bitforex, Hotbit, Hitbtc, Bitcoin.com Exchange, Corbit, Tokocrypto, Idex, Mandala Exchange, Hotcoin, CoinW, BigOne, Shiba Swap, ZT, Coinbene, AOFEX and Jubi.