Audius: A Platform for Music Streaming and Sharing
Audius is a music streaming and sharing platform that enables artists to engage with fans and share exclusive monetized content. Users can listen to and publish music without the need for subscription fees. Additionally, they can create playlists, browse various genres, and explore trending songs and artists.
Founded in 2018 on the Ethereum blockchain, Audius later migrated its content management system to Solana to accommodate its rapidly expanding user base. Hundreds of thousands of unique artists are currently using the platform, and TikTok has also integrated Audius music into its videos.
AUDIO is the native governance token of Audius, rewarding artists for their streamed creative works. The price of AUDIO soared to new heights in August 2021, reaching a peak above $4 on August 17. Since then, the price has experienced a significant drop, and trading volume has slowed. However, Audius remains a highly promising project, and AUDIO’s price could potentially climb back to the levels seen in August 2021.
Het positieve nieuws is dat the first three weeks of 2023 have been outstanding for the cryptocurrency market, with Audius (AUDIO) almost tripling in price. If the platform continues to grow at the same pace as in the last two years, AUDIO’s price could rise above current levels. Still, investors should be cautious, as a drop in Bitcoin’s price below $20,000 could negatively affect AUDIO’s value.
Approaches to Investing
Investors should continue adopting a cautious approach in early 2023, given the potential market turbulence arising from recession fears and macroeconomic uncertainty. Concerns persist that the U.S. central bank may continue raising interest rates, with many analysts predicting a global recession that could affect financial markets once again.
“The worry is that not only has the survey indicated a downturn in economic activity at the start of the year, but the rate of input cost inflation has accelerated into the new year, partly due to rising wage pressures. This could encourage a further tightening of (Federal Reserve) policy despite growing recession risks.”
– Chris Williamson, hoofdeconoom, S&P Global Market Intelligence
Audius (AUDIO) Technical Analysis
The price of Audius (AUDIO) has increased nearly threefold since early January 2023, from $0.128 to $0.363. The current price of Audius (AUDIO) is $0.299, and as long as the price stays above $0.25, the trend remains bullish, with AUDIO remaining in the BUY-ZONE.
Key Support & Resistance Levels for Audius (AUDIO)
In the chart from April 2022 onward, I have highlighted key support and resistance levels that traders can use to predict price movements. AUDIO remains in a “bull” market, and if the price surpasses $0.40, the next target could be around $0.45. The critical support level is at $0.25, and if the price falls below this level, it would signal a “SELL” and open the path for a decline to $0.20. If the price dips under $0.20, a strong support level, the next target could be $0.15 or even lower.
Factors Supporting an Increase in Audius (AUDIO) Price
Traders are accumulating AUDIO despite the expected “market turbulence,” and from a technical standpoint, AUDIO still shows potential for upward movement. Additionally, the price of AUDIO is closely correlated with Bitcoin, and if Bitcoin’s price rises above $25,000, AUDIO could follow suit and achieve higher price levels.
Factors Indicating Potential Decline for Audius (AUDIO)
AUDIO has gained more than 170% since early January 2023, but traders should remember that the price could easily fall back below $0.25. The crucial support level for AUDIO is at $0.25; if the price breaks this level, the next support level is at $0.20. Additionally, if Bitcoin’s price drops again below the $20,000 mark, it could negatively impact AUDIO’s price.
Inzichten van analisten en experts
Audius (AUDIO) has seen impressive gains at the start of 2023, but the key question remains: does it have more bullish momentum left? This depends on both technical and fundamental factors. According to technical analysis, the price of AUDIO could rise further, but fundamental factors, including macroeconomic conditions, currently influence the broader cryptocurrency market.
Many analysts predict a global recession that could affect stocks and cryptocurrencies once again, so investors should maintain a cautious stance during the first quarter of 2023. The rate of input cost inflation has accelerated into the new year, which could lead to further tightening of Federal Reserve policies despite recession risks. There is a high probability that the U.S. central bank will raise rates by 25 basis points at its next meeting in February, and in the coming days, the cryptocurrency market is likely to be highly sensitive to any comments from the Fed.
Disclaimer: Cryptocurrency is extremely volatile and may not be suitable for all investors. Never invest money you cannot afford to lose. The information presented here is for educational purposes only and should not be considered as investment or financial advice.
