When Will the AUDIO Crypto Price Spike Slow Down?

Audius is a delegated protocol for music streaming that was originally built on the POA network but now runs on Solana.

Audius was created to solve the music industry’s problems, which needs clearer music rights ownership and middlemen that interfere with artists and their audiences.

Audius objects to aligning the interests of artists, fans, and node operators through its platform empowered by its native AUDIO token.Artists can upload music, stored and distributed by content and discovery nodes, that fans can listen to for free of cost.

Presently, Audius benefits content creators through rewards like featuring in the weekly trending lists.

Furthermore, it plans to integrate stablecoins for artists to offer paid content, as well as artist tokens that give fans the ability to access exclusive content, possibly collaborating with platforms like Rally.

Audius chose to migrate to Solana because of the increasing demand. First, it’s inexpensive, offering 1M transactions for 10$. It’s also swift, with block times of 400ms and attestations under one second. 

Eventually, Solana is decentralized, with over 200 nodes on its main net. Staking and governance functionality remain on Ethereum, with AUDIO being an ERC-20 token.

Solana is a layer-one blockchain with a proof-of-stake consensus mechanism with partial Byzantine fault tolerance.It has 200 nodes operating worldwide that can, at their maximum, process up to 50,000 transactions per second. 

Solana performs a set of coordinated optimizations to achieve such remarkable performance and processes transactions in a multi-threaded way, distinguishing it from slower blockchains.

Can Audius Crypto Reach Demand Zone Next?

Technical indicators confirm the bearish trend. The RSI is falling steadily; it is approaching the 30 level, taking rejection from the 14 SMA. This indicates that the AUDIO asset is not gaining steam and could continue to drop lower.

The AUDIO crypto asset is in a strong downtrend as the MACD oscillator is showing a bearish crossover, where the MACD line is taking rejection from the signal line. The MACD is at -0.0067 and the signal line is at 0.0017.

The AUDIO asset is showing bearishness as it declines below major EMAs.

The price action of the AUDIO asset is exhibiting bearish features and the price can reach lower levels. It performed poorly last past week, and past month, by 26.38% and 12.77% respectively, signifying a strong downward force.

At the time of publishing, the Audius crypto is at $0.1911 with an intraday decline of 4.16%. Therefore, if the price fails to manage the current level, then the price could slump and show bigger depths in the price. The current support is at $0.1700.

On the flip side, if the buyer’s accumulation increases and shows sustainability in the market, the price can extend its leg upwards and the possible resistance could be $0.2400.

Summary

The AUDIO crypto asset is showing bearish momentum and the RSI is falling steadily, as it is still approaching the 30 level and smoothly taking rejection from 14 SMA. This indicates that the AUDIO asset is not gaining steam and can continue to drop lower.

The price action of the AUDIO asset is exhibiting bearish features and the price can reach lower levels. It has displayed poor performance in the past week, and past month, by 26.38% and 12.77% respectively, signifying a strong downward force.

Therefore, if the price fails to manage the current level, then the price could slump further. The current support is at $0.1700.

Technical Levels

Support Levels: $0.1700

Resistance Levels: $0.2400

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.