The cryptocurrency market is losing its value this Tuesday, the price of Bitcoin went below $48000, and the risk of further declines is not over yet. Audius AUDIO/USD is also losing its value; in less than several hours, this cryptocurrency price has weakened from $3.08 to $2.64, and the current price stands around $2.8.
Fundamental analysis: Audius is a very promising projectAudius is a music streaming and sharing platform that allows artists to connect with fans to share exclusive monetized content. There are more than 100,000 artists on Audius, including well-known names like Diplo, Odesza, Skrillex, Weezer, and deadmau5.
Audius was founded in 2018 and surpassed 5 million monthly active users in August 2021. Audius is built on the Ethereum and Solana blockchains, while the native governance token of this platform is AUDIO. It is important to say that Audius is run by a community of token holders instead of one centralized entity, and active users may earn AUDIO tokens as rewards.
Audius’s (AUDIO) price has skyrocketed since the beginning of August 2021 and reached a price level above $4 on 17th August. Since then, the price has collapsed, daily trading volume has weakened, but the positive news is that Audius announced a partnership with Tik Tok last week.
“Any artist can take a song they already have on Audius and just export it over to TikTok in one click. “A common way that unsigned artists get their stuff up there right now is by holding their phone up to a laptop while it plays their song, and they add it as the background music,” said Forrest Browning, co-founder and chief product officer of Audius.
Audius is a very promising project, and the price of this cryptocurrency could advance again at levels that we saw in the third week of August 2021. This will certainly not happen in the upcoming days or even weeks; still, traders should keep in mind that if the price of Bitcoin falls below the $45000 support, that will negatively influence Audius.
Technical analysis: Audius has extended its correction from the recent highs
Data source: tradingview.com Audius (AUDIO) has extended its correction from the recent highs above $4, but if the price jumps again above $3.5 resistance, it would be a signal to buy AUDIO.
The next price target could be around $4 or even $5; still, if the price falls below $2 support, it would be a strong “sell” signal.
SummaryAudius (AUDIO) has weakened from the recent highs registered in the third trading week of May, but it has stabilized above a strong support level that stands around $2.5. If the price of Bitcoin falls below the $45000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.
The post Audius (AUDIO) price analysis: correction or end of the rally? appeared first on Invezz.
