- Audius’ inclusion in Coinbase’s roadmap elevates traders’ confidence.
- Bears’ effort to control the market foiled as support is found at $0.2593.
- If bulls are to succeed, resistance must be retained.
Since the announcement on January 24 that Audius (AUDIO) has been formally added to the listing roadmap for cryptocurrency exchange Coinbase, market sentiment has remained positive. Bears took control in the previous 24 hours, but it was short-lived since support was found at $0.2593. This bear run was countered by the bulls, who drove the price up to $0.3386, a 26.87% increase.
During the upturn, market capitalization increased by 20.51% to $316,863,424 due to increased excitement and confidence in a predicted bull run. However, with the 24-hour trading volume falling by 56.15% to $211,295,260, a reversal could be on the way, indicating that traders are cashing out profits.
As the bull run continues, the Keltner channel bands widen and move higher, with the upper band now touching 0.32144843 and the lower band touching 0.21455254. This points to increased market volatility and the potential for a breakout in the near future.
Additionally, the 0.13 value on the Chaikin Money Flow (CMF) price chart indicates that there is still money moving into the market, which is a sign of buying pressure and suggests that the present rally has more room to go.
However, the market is overbought, as indicated by the RSI reading of 73.5, and a price correction is likely to happen soon. Another sign of this is the development of a green engulfing candlestick above the top band in the price movement.
With a Bull Bear Power (BBP) value of 0.10125826, the market is sending strong purchase signals and is thus expected to continue its rise in the foreseeable future, adding more support to the anticipated bull run.
Strong purchasing pressure in the market is indicated by the Elder Force Index (EFI) trending above the “0” line at 34.446k, suggesting that a bull run is expected in the days ahead. This move further bolsters market optimism of a sustained bull rally in the AUDIO market.
Bulls must drive prices higher and preserve the present resistance level in order to see additional price rises in the AUDIO market.
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