- Audius Price Practically Doubles in Value Over past 24 hours
- Bullish crypto market boost AUDIO coin with an almost 400% gain from July 20
- More upswing expected short term although retracement possible over the long-term period due to selling pressure.
The Audius price has shot up remarkably, practically doubling in value over the past 24 hours. There do not seem to be any particular fundamentals to this sudden upsurge but the positive sentiment in the crypto market is undoubtedly a factor.
AUDIO has been on a consistent upward trend since a July 20 low of 0.83 and is actually up by close to 400% with today’s price at around $3.24. This makes it one of the best performing cryptos in the rebound that has been going on over the past few weeks. Bullish sentiment is sky-high around the Audius price and it is expected to continue rising although minor retracements may be possible short term.
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Short Term Price Prediction For Audius: More Upswing Expected Although Retracement Likely
With a jump of 100% over the past 24 hours, the Audius price is definitely on a roll in every sense of the word. Although further gains are predicted, some minor retracements may be possible before another push upwards.
A bullish thesis would propel the Audius price up to the $3.50 mark whilst further buying frenzy could even see AUDIO tag the $3.75 level. This would represent a 14% gain from the current price. It would also represent an astonishing 450% increase from the July 20 low.
Alternatively, a bearish thesis would invalidate the positive forecast. If that were to occur, Audius would rapidly descend to the $2.75 level where support is to be found. A further sell-off would crash the price down to the $1.60 level which is the price from which the climb up began only yesterday. This scenario looks unlikely though with the bullish sentiment currently in the market.
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Long Term Prediction For AUDIO: Inevitable retracement expected but consolidation also possible
The Audius price is expected to continue moving forward short term but with a lack of fundamentals, a retracement is inevitable. However, the meteoric 400% increase from July 20 has definitely rewarded investors and over the past 24 hours, the increase has been even more spectacular.
A sell-off is expected as investors book profits but settling in at around the $2.50 price would definitely be a realistic scenario. The bullish atmosphere for the crypto market may confound these negative expectations and the Audius price may still continue going up.
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Gerald Fenech
