Audiera Plummets 28% as Bears Target $1

Audiera's price plummeted by over 28% in the past 24 hours, causing concern among investors. The altcoin's weekly drawdown has exceeded 55%, and it now trades below its July low of $2.07.

Despite having a large market capitalization of over $570 million, Audiera's daily trading volume was relatively low at around $35 million. On-chain metrics also indicate a sharp decline in activity, with the transaction count dropping by approximately 50% from 110.665K to 63.07K.

The number of returning traders has reversed its July uptrend and fallen to 1,215, as per data from Dune Analytics. However, unique buyers continued to grow, albeit at a lower value of 1,502 compared to the July peak of 1,740.

More bearish pressure was evident in the Open Interest (OI), which dropped from $111.34 million to around $58.68 million. Long liquidations were five times larger than short orders, amplifying the crash on OKX, Binance, and Gate.

Audiera's price broke below key support levels set by moving averages, including the 20, 50, and 100 SMAs. The Chaikin Money Flow (CMF) has plummeted from 0.13 to negative territory at 0.11, indicating a possible downward trend towards $1 or lower.