2021-10-29 16:10 |
A huge fall was seen in numerous cryptocurrencies on Wednesday, coins were trading over 10% in the red and Audio (AUDIO/USD) was of them. Audio is trading over 10% lower this week and this could be a great opportunity to buy the dip.
A look at the chart for this month-
Audio has fallen by over 15% since Tuesday however buying in high volumes was seen on Wednesday when Audio was down over 20% and took support from the 200 day moving average.A possible shakeout was seen on Wednesday when the price fell down to 20% and recovered back 10% in almost no time, this could be a sign that a bullish move is coming soon.Audio also took support from a demand zone at $1.9, and as long as Audio is trading above the zone long entries can be taken, and stop-losses can be kept below the zone.Audio has formed a descending triangle, and a long can be taken at the demand zone at $1.9 and investors who want a safer entry point can wait for a breakout above $2.3.Targets can be set at $2.6,$3.1 and a new all-time high for investors willing to hold Audio for a longer period.Should you enter Audio on Wednesday?
Audio has formed a bullish divergence on Wednesday, that is suggesting that a reversal should be seen soon.A long entry can be taken once a breakout is seen from the wedge at $2.030. ConclusionThe dip is looking like a great reversal to buy Audio, however, investors must be patient and wait for a clear reversal as Audio could still break down from the crucial demand zone at $1.9.
However, if a reversal is seen this could be a great entry point and some great targets could be achieved in the coming weeks and months.
The post Should you buy Audio after the dip on Wednesday? appeared first on Invezz.
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