Audius AUDIO/USD has weakened from its recent highs above $3, registered on September 17, to $1.83, while the current price stands at $2.4.
The risk of further declines is still not over, the critical support level stands at $2, and if the price breaks it, it could be the beginning of a bigger downtrend.
Music streaming and sharing platform
Audius is a music streaming and sharing platform that allows artists to connect with fans to share exclusive monetized content. Audius is built on the Ethereum and Solana blockchains, and it has already surpassed five million monthly active users.
This platform was designed to offer everyone the freedom to distribute and monetize their content, and there are more than 100,000 artists on Audius currently.
Well-known names include Diplo, Odesza, Skrillex, Weezer, and deadmau5 and with Audius, creating music no longer requires a team of producers and audio engineers. Artists can also generate immutable and timestamped records for their creative works with Audius.
Everything about Audius is governable, and the governance token of this platform is AUDIO. Audius is run by a community of token holders instead of one centralized entity with the voting weight directly correlated to $AUDIO staked for value-added services.
AUDIO tokens have three points of functionality: security, feature access, and governance. Any AUDIO staked within the protocol will get governance weight, while stakers can also earn access to exclusive features with tokens that are staked as collateral.
Audius has a high level of security, while the team behind this project includes blockchain experts, entrepreneurs, engineers, and audiophiles.
From the earliest days of Audius, everyone involved worked tirelessly to create an infrastructure for a music distribution that can be used by anyone, anywhere, anytime.
Audius has partnered with Tik Tok in August, and according to this deal, users can take any of their songs on the streaming service and directly export it to TikTok. Forrest Browning, co-founder, and chief product officer of Audius, added:
One of the challenges for music artists on TikTok was exporting their work to the platform to include it in a video. The current ways to get new music on the app are complicated and low quality, and the partnership with Audius will solve those problems.
Audius is continuously working on new features and upgrades, which are very important for expanding its ecosystem.
The popularity of this platform is rising across the globe, while more and more exchanges are offering AUDIO cryptocurrency.
AUDIO remains under pressure
Audius (AUDIO) is currently trading below its recent highs, but if the price jumps above $3 resistance, it will signal to trade AUDIO.
The next price target could be around $3.5; still, if the price falls below $2 support, it would be a strong “sell” signal.
Summary
Audius is a decentralized, community-owned, and artist-controlled music-sharing platform that offers everyone the freedom to distribute and monetize their content. Technically looking, AUDIO remains under pressure, the critical support level stands at $2, and if the price breaks it, it could be the beginning of a bigger downtrend.
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