Audius Price Up By 17.75% – Time to Buy AUDIO Coin?
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The impressive gains recorded by blockchain-based music streaming platform Audius in the last 24 hours has pushed investors to buy AUDIO.
The Ethereum-based protocol has been on a tear after what seemed to be a late rally in the global crypto market. This is reflected in the strong one-day, rally which has seen AUDIO become one of the top gainers in the last 24 hours.
With the broader crypto market fighting off the bears, a bullish trend like Audius is seen as a beacon in a trying period for the nascent industry.
Examining the technical and fundamental performances of the ERC-20 token becomes expedient to see if this is the best time to buy AUDIO coin
AUDIO: Showing Strong Bullish Sentiments
The crypto market is sporting crimson red following the sharp decline of crypto bellwether Bitcoin after a historic rise to a new all-time high (ATH) in the early days of November.
The nascent industry has lost more than 10% of its all-time high (ATH) of $2.92 trillion. Despite this, the crypto space is slowly recovering some of the losses and is up 1.74% in the past day.
Audius blockchain has been one of the top gaining altcoins and is up a whopping 17.75% in the last 24 hours. This rise has put the digital asset at a price peg of $2.618 currently. The weekly gains of the governance token AUDIO surged 19.33%, reflecting a six-month rally of 147.32%.
AUDIO has remained much in the green zone Year-to-date (YTD), posting massive gains of 1604.77% with a 12-month trailing record of 2,075%.
This increase puts the dominance AUDIO has in the crypto market to about 0.05%, with a $1.33 billion market cap that has trended upward by 17.75% in the past day.
The 24-hour trading volume of the asset is off the charts as AUDIO has spiked by 459.52%, with over $362 million currently changing hands.
AUDIO’s recent spike is reminiscent of the crypto boom in the first half of the year that saw the digital token surge to a record value of $4.95.
This current rally shows a strong intent to retest that price action and makes this moment ideal to buy AUDIO and rise with the market.
AUDIO Technical And Fundamental Analysis
AUDIO is trading down by 46.8% at the current price, compared to its ATH. However, the Ethereum compatible asset has come a long way. AUDIO has increased by 5,929.4%, relative to the all-time low (ATL) price peg of $0.04373.
Today’s rally has directly impacted the technical performance of the AUDIO token. The asset is currently soaring above the 20-day moving average (MA) support price of $2.389. The 200-day MA support price of $1.77 is even more bullish and points to the growing confidence in the price of AUDIO.
Meanwhile, the 14-day relative strength index (RSI) figure of 57.48 shows that AUDIO is still in the underbought region. The RSI provides ample space to buy AUDIO and rise with the market.
On the other hand, the moving average convergence and divergence (MACD) point to a strong buy signal as the green trendline leads the sell signal depicted by the orange line.
Audius’ strong technical performance is due to recent fundamental news. The Audius blockchain announced via Twitter the launch of an Embeddable NFT Galleries feature in the Audius platform. According to the tweet, Audius users will link their ‘Collectibles’ tab to their Twitter and Discord accounts.
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