Audius crypto has struggled to make a comeback after dropping by 54 per cent in May. In today’s trading session, the cryptocurrency is down by 7 per cent. The prices are also extending yesterday’s 14 per cent price drop. The session also shows signs that the current bearish trend is likely to continue throughout the session.
However, the current price drop and the struggle to shake off the recent price drop have more to do with the current climate in the markets. Despite recent signs of the industry showing a resurgence, the industry as a whole is struggling to enter a bull market. In today’s trading session, for instance, the global cryptocurrency market capitalization is down by 1.6 per cent.
Most cryptocurrencies, including Bitcoin and Ethereum, are also down. The drop in the cryptocurrency market has also caused a ripple effect throughout the industry. Even with new products, such as the latest announcement of the NFT music by Audius, it means the project’s investors are still cautious to come into the project.
Audius Price Prediction
Audius is down 54 per cent for the month and 76 per cent for the year. Today’s trading session is also showing a 7 per cent price drop. Looking at today’s trading session, Audius price also looks poised to go lower.
Recently, the prices hit a low price of $0.30 after breaking out of the $0.44 support level. However, the prices failed to go down further from the psychological level. Instead, the prices retraced back to the $0.44 previous support level, which now acted as a resistance level. Since then, the prices have failed to move past the resistance level multiple times.
Today’s trading session is coming from the latest try of Audius price to break to the upside of the resistance level. Therefore, using the latest price action, my Audius price prediction is that prices will likely rise again and try to break the resistance level. If the prices break to the upside, a new bullish trend will be established.
However, if the prices fail, it is likely that prices will continue moving further down and resume the bearish trend. In today’s trading session, with a likelihood of the prices continuing further down, it is also likely the prices will not retrace back up. This will also mean the prices have resumed the bearish trend and will invalidate my bullish prediction.