Audius Price Down By 13.07% – Time To Buy AUDIO Coin?

Budding decentralised music streaming service Audius continues to break ground in the Spotify-dominated industry. Since launching in late 2020, the blockchain protocol has generated a lot of buzz, with several investors out to buy AUDIO. Given its continued integration with mainstream social media services, the streaming protocol is becoming a de facto protocol for upcoming musical acts looking to key into the crypto-mania.
However, AUDIO has slumped by 13% in the last 24 hours. Is the time right to buy AUDIO?

Audius: Annexing Music Streaming With Blockchain

Blockchain tech has changed every facet of our existence and this ground-breaking innovation has migrated into the music-streaming service.
Known as Audius, this blockchain protocol is a Spotify rival and has seen remarkable adoption since launching its mainnet service in October 2020. It’s blockchain-powered music streaming service platform that comes with social media features. According to the team behind the project, Audio aims to break the monopoly of streaming platforms like Spotify and enable creatives to earn the requisite compensation for their work.

Unlike other crypto protocols focused on financial services, Audius is a non-financial blockchain application run by an open-source community of artists, fans, and developers. The music streaming industry currently boasts over 400 million subscribers worldwide. Audio has taken a good share of the market share with over 5.3 million unique subscribers using the platform in July 2021. Audius is powered by utility token AUDIO which serves as its governance token. At press time, AUDIO has a market value of $1 billion.

AUDIO Struggling Against The Bears

The Audius blockchain is one of the top-ranking crypto protocols and features prominently in the top 100 most valuable cryptocurrencies in the world. For a non-financial protocol, the network is making steady strides and winning music fans.

Although not yet a major competitor to Spotify, the AUDIO token has seen market sentiment shift in its favour for most of the year. The ERC-20 token came into 2021 at less than a dollar before jumping more than 2,000% in three months to a record value of $4.27 in early March. However, it has not been able to retest this singular performance and only came close to the mark in mid-August when it surged to $3.33.

AUDIO’s market value is closely linked to Bitcoin price movement, and this has benefited and affected its growth. After the recent lull in BTC price, AUDIO has shed off its August gains and currently trades at $2.5450, dipping 13.07% daily. However, AUDIO’s seven-day gain of 22.47% shows that the asset is on an uptrend and this could be a great time to buy AUDIO.

AUDIO Technical And Fundamental Analysis

On the trading chart, AUDIO shows resilience against the bearish drag and trades close to the 20-day moving average (MA) price of $2.5187. Meanwhile, the relative strength index (RSI) of 50.42 shows that investors still want to buy AUDIO for long-term returns.

The Audius blockchain has also made some strategic integrations in the last few months. In an August tweet, the decentralised streaming service announced that it partnered with social media giant TikTok to create a new TikTok sounds feature. The new addition enables users to export songs created on Audius directly to TikTok with a click.

Audius announced a capital injection of $5 million raised from top mainstream musical acts. Popular acts like Katy Perry, The Chainsmokers, Nas, Jason Derulo, and several others keyed into the protocol’s growing appeal. Not to be left behind, industry experts like former Sony Music CEO Martin Bandier, CEO of investment firm K5 Global Michael Kives, and CEO of performance rights organisation SESAC John Josephson also joined the funding round.

This growing blockchain prominence has lent credence to bullish forecasts for the AUDIO token. According to Wallet Investor, AUDIO will rise to $5.281 by the end of the year and could rally as high as $15.4 in the next five years.

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