Audius Price Up 13.63% – Time to Buy AUDIO Coin?
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The AUDIO token of the Audius protocol is one of the top-performing coins over the past 24 hours. Audius’ recent rally fuels the current interest from investors who want to buy AUDIO for the long term. Audius is a decentralised music-sharing and streaming protocol that helps artists and creators gain revenue. This article examines the Audius project and answers most of the pressing questions investors have concerning the digital asset.
Audius: First Decentralized Music Streaming Platform
Launched in 2018, Audius is a music streaming platform built on the Ethereum blockchain. The platform offers musicians an opportunity to create and share music and interact and transact with fans directly. Audius allows everyone to distribute, monetise, and stream any audio content.
The Audius network consists of two major types of nodes. The first set of nodes, called the content nodes, are used for hosting content and permission access to content on behalf of artists. The second called discovery nodes, is for indexing the Audius content ledger.
Like all blockchain services, anyone can build an interface that interacts with content straight on the Audius platform.
AUDIO, the native tokens of the Audius platform, are used by token holders to participate in governance and voting in the platform. AUDIO tokens are also used for staking. Users who stake the asset get to unlock features like artist tokens and badges on Audius.
Additionally, Audius uses the AUDIO tokens to reward artists and fans for actively engaging the protocol. Artists are also rewarded with the token if they achieve goals like their song being listed among the Top 5 Trending songs on the platform.
AUDIO Price Movements this Year
AUDIO started 2021 trading at only $0.17, but before long, the token surged as high as $4.9, recording an all-time high (ATH).
However, the market downturn hit the ERC-20 token hard, causing it to plunge to $1.42 in April, marking a 71% drop in just one month. The token eventually declined to a lower price of $0.57 on June 22.
AUDIO started its climb back in July as it reached $1.26 on July 14. The coin has surged gradually since then as more investors buy AUDIO.
Currently, AUDIO is showing bullish potential as it trades at $3.00 and is up by 13.63%. The asset now ranks in 89th place on the chart with a market cap of over $1 billion. This recent rally is bound to increase market confidence and prompt investors to buy AUDIO.
AUDIO: Technical & Fundamental Analysis
AUDIO’s technicals are healthy on the chart. The coin’s relative strength index (RSI) stands at 61.05, showing that it is trading close to the overbought. A healthy RSI could point to more rally and this should be a great position to buy AUDIO.
AUDIO is currently trading above the 20-day moving average (MA) price of $2.727 likewise the 200-day MA at $1.564. This coin might likely find support at a higher price before the end of the day.
Audius has been making headlines recently due to the strategic partnerships it has formed lately. The streaming platform just announced that it had launched full Solana non-fungible tokens (NFTs) integration. This integration would allow more than six million Audius users to feature digital collectibles from the Solana library.
Audius also recently inked a deal with popular social media platform TikTok. The partnership allows Audius users to share songs directly on TikTok to create short videos. Creators will also be able to tweak their following on TikTok to the Audius network.
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