Should you buy Audio after the dip on Wednesday?

By: Ansh Rathod
Ansh Rathod
Ansh is a tech geek and loves to stay up to date with all the different innovations in the… read more.
on Oct 27, 2021
  • Audio has fallen by over 15% since Tuesday however buying in high volumes was seen on Wednesday.
  • Audio has formed a descending triangle, and a long can be taken at the demand zone at $1.9.
  • Targets can be set at $2.6,$3.1 and a new all-time high for investors willing for a longer period.

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.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

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.

Conclusion

The 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.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. bitFlyer, simple, easy to use and regulated. Register here >