Audio (AUDIO/USD) has fallen by over 50% from its highs and is finally showing signs of a reversal. It has been falling continuously since November and has finally found support in the price zone of $ 1.3. Audio is an ERC-20 governance token that supports the Audius protocol. It is based on an Ethereum-compatible blockchain, similar to that of Polygon (MATIC/USD). It allows the holders of the token to have a say in new projects and to give them the right to vote.
It now looks like würde Audio is heading towards the $2 mark, so this could be a great opportunity for investors to get into audio. However, investors should be careful and not get in too early, as audio could fall even further down. Should you buy audio in the hope of a $2 goal?
Here’s what the charts indicate:
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Audio broke out of a symmetrical triangle at the beginning of November, but could not sustain the breakout and fell sharply for a short time. It broke off from a crucial support level at $1.8, which meant that audio dropped even further to $1.4.
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Audio has received support from the support zone at $1.4 and it looks like this could be the tipping point for audio, so an entry can be made soon.
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A bullish RSI can also be seen, which indicates a reversal and could also be the beginning of a rally into the $ 2 zone.
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Investors can set a target of $2, followed by $2.6 in the coming months.
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Investors should be careful, as audio has been very weak in recent weeks and could therefore continue to fall downwards, so a stop loss below the zone must be maintained.
Should you buy audio now that the cops are returning? appeared first on Coin Hero.