The AUDIO price has improved by 20% as risk-on sentiment returns to the crypto market, but the rally is losing momentum.
Audius (AUDIO) is attempting to reverse the bearish momentum that has forced the AUDIO token down -27% in December and almost -70% from the March all-time high. The decentralized music-streaming protocol has performed poorly for most of 2021, although the AUDIO token is +1,000% year-to-date due to its strong start. However, the formerly high-flying project has fallen out of the top-100 list and ranks as the 135th most valuable cryptocurrency.
Bitcoins recovery above $50,000 helped Audius rally for four days this week. However, this morning’s price action suggests the token will snap its winning streak. Notably, the 8% rise on Thursday failed to clear the 50-Day Moving Average (DMA), which now caps the price.
Audius Price Forecast
The daily chart shows the AUDIO price is reversing from the 50-DMA at $1.698. And unless the token clears the indicator today, the path of least resistance is lower, targeting the $.1400 area. However, a decisive clearance of $1.698 should trigger an extension towards the 100 and 200-DMA’s at $2.047 and $2.125, respectively.
In my opinion, it’s too early to call for a sustained recovery for Audius. The recent price action is likely a knee-jerk reaction to BTC’s appreciation. Therefore, my current stance is neutral-to-bearish. However, a close above the 200-DMA flips the outlook to bullish.
AUDIO Price Chart (Daily)
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