Audius Price Up 22% – Time to Buy AUDIO?

Audius is currently the talk of the crypto industry following some impressive news, causing people to wonder whether this is a good time to buy AUDIO tokens. Every now and then, a coin tends to show flashes of price gains, even if the entire market might be teetering on the brink of a downturn.

Below, we’ll look into Audius as a platform as well as how its AUDIO tokens have performed for a while. The insights shared will help you determine whether this is a good time to buy AUDIO.

Audius: Merging Music and the Blockchain

In its simplest sense, Audius is a music streaming platform built on the blockchain. The Ethereum-based platform was created in 2018, offering musicians an opportunity to create and share music as well as interact with fans. Think of it as Soundcloud for the blockchain.

The Audius network consists of two types of nodes – a set of nodes to host content, and another set to index them. Then, there are apps built on the network that allows users to interact with the shared content.

Like all blockchain services, anyone can build an interface that interacts with content straight on the Audiuys platform.

As for AUDIO, it is used as a governance and security mechanism. Node operators and users will have to buy AUDIO and stake it on the platform to unlock several features and earning opportunities.

Audius especially gained popularity in October 2020 after its developers distributed AUDIO tokens. According to a press release, 50 million tokens were given to 10,000 “super users.” These users were primarily artists who use the platform and other users who listen and provide their honest feedback.

AUDIO: Price Movements in 2021

After gaining some traction, AUDIO moved into 2021 with big plans. The coin started the year trading at $0.17, and it soon surged thanks to the market’s larger performance. More people were looking to buy AUDIO, and the token’s price jumped as high as $4.9 by the middle of March – a gain of over 2,700 percent in less than 3 months.

But, when the market downturn hit, it hit pretty hard. With no one looking to buy AUDIO anymore, the token’s price fell to $1.42 in the last week of April, marking a 71 percent drop in just one month.

The token continued to crater, eventually hitting its low of $0.57 on June 22. The climb back hasn’t been so easy – from June 22 to the end of July, AUDIO’s price only crossed $1 once, hitting $13 on July 13.

Still, the market recovery has helped AUDIO. The coin entered July trading at $1.16, and it has since jumped. With a current price of $3.37, AUDIO is up 22 percent in the past 24 hours and 147 percent in the past week.

AUDIO: Technical & Fundamental Analysis

AUDIO’s technicals are quite interesting. The coin is performing quite well, beating its 20-day moving average (MA) of $1.47 and 200-day MA of $1.38. This should set the coin up for bigger wins, especially in the coming days.

But, AUDIO’S relative strength index (RSI) stands at 86.93. Even for a cryptocurrency, that’s pretty high. More investors have moved to buy AUDIO in the past few days, looking to cash out.

On the fundamentals front, it’s easy to see why AUDIO is in such high demand. The asset seems to be jumping after a partnership between Audius and social media sensation TikTok. In a tweet shared earlier this week, Audius announced that it had partnered with TikTok to launch TikTok Sounds – a new feature that will allow seamless music sharing between both platforms.

Speaking with Rolling Stone, Forrest Browning, Audius’s co-founder and head of product, explained that TikTok Sounds will allow users to expert songs created with Audius to TikTok in a single click. This will help them to leverage TikTok’s user base, which is fast approaching one billion unique people monthly.

TikTok reported last month that 785 percent of its users use the app to discover new artists. When it comes to fan engagement, it hardly gets better than TikTok. So, this partnership is more than a perfect fit.