AUDIO MACRO ANALYSIS: The music has stopped playing, for now....
The entire alt coin market is at the mercy of BTC right now, and as long as BTC Dominance trends higher, Alts will not be very profitable, except for short term trading.
In general, I do not hold altcoins during downtrends. Even when you think they can't go any lower: they can.
**IF YOU ARE looking to reenter or buy more AUDIO, however, I would wait for the price to break above the macro trend line acting as resistance. Paired with a break above the 200 SMA (and a rally for BTC) should shift momentum to the upside.
Audius is still a great project with a lot of potential. Do not think for a second that the severe retrace in the price of AUDIO is based on the viability of the Audius project.
The volatility is simply a feature of alt coin markets, which the Audius devs surely realized when they made Audio available for trading.
Traders certainly had their way with AUDIO, and hopefully my artist friends secured some profits too.
I don't see the Audius team giving up any time soon, so if and when the bull market cycle restarts, AUDIO will definitely be one to watch, and may be a good one to buy and hold onto if the price continues to decline in the short/mid term.
happy trades,
CD
In general, I do not hold altcoins during downtrends. Even when you think they can't go any lower: they can.
**IF YOU ARE looking to reenter or buy more AUDIO, however, I would wait for the price to break above the macro trend line acting as resistance. Paired with a break above the 200 SMA (and a rally for BTC) should shift momentum to the upside.
Audius is still a great project with a lot of potential. Do not think for a second that the severe retrace in the price of AUDIO is based on the viability of the Audius project.
The volatility is simply a feature of alt coin markets, which the Audius devs surely realized when they made Audio available for trading.
Traders certainly had their way with AUDIO, and hopefully my artist friends secured some profits too.
I don't see the Audius team giving up any time soon, so if and when the bull market cycle restarts, AUDIO will definitely be one to watch, and may be a good one to buy and hold onto if the price continues to decline in the short/mid term.
happy trades,
CD
Keep an eye on AUDIO! the music may start playing sooner than expected...