After a massive 3000% run up over the past few months, AUDIO entered a steady retrace as most altcoin PA stagnated due to BTC volatility.
However, 4 days ago the Audius team announced planned NFT integration, covered by coindesk here:
www.coindesk.com/aud...vy-streaming-service
Anything NFT related is getting a lot of attention / bullish investment, so this news drop was a well-timed attempt to stop the bleeding.
Unfortunately I think this news largely went under the radar as BTC stole everyone's focus the last few days.
Perhaps now people are hearing about it because sure enough, despite bearish short term technicals, today the price pumped, breaking out with volume.
The question is - is this news enough to reverse the short term downtrend? Or is this a case of "buy the rumor, sell the news?"
Short term technicals have shifted bullish on this pump. Stoch & MACD are oversold & angling upward on 12HR and 1D TFs, and the volume does add validity to the breakout. These indicators still look pretty bearish on 3D and Weekly though. So I'm kinda on the fence.
It would be more compelling to see a third bounce around the 200MA / recent support. I would consider that an aggressive entry point at this time, but who knows. If enough people fomo into this pump, we could see another run up sooner than expected.
happy trades,
CD
However, 4 days ago the Audius team announced planned NFT integration, covered by coindesk here:
www.coindesk.com/aud...vy-streaming-service
Anything NFT related is getting a lot of attention / bullish investment, so this news drop was a well-timed attempt to stop the bleeding.
Unfortunately I think this news largely went under the radar as BTC stole everyone's focus the last few days.
Perhaps now people are hearing about it because sure enough, despite bearish short term technicals, today the price pumped, breaking out with volume.
The question is - is this news enough to reverse the short term downtrend? Or is this a case of "buy the rumor, sell the news?"
Short term technicals have shifted bullish on this pump. Stoch & MACD are oversold & angling upward on 12HR and 1D TFs, and the volume does add validity to the breakout. These indicators still look pretty bearish on 3D and Weekly though. So I'm kinda on the fence.
It would be more compelling to see a third bounce around the 200MA / recent support. I would consider that an aggressive entry point at this time, but who knows. If enough people fomo into this pump, we could see another run up sooner than expected.
happy trades,
CD
Comment:
Previous AUDIO analysis:
