Audius AUDIO/USD has weakened from its recent highs above $1.8, registered on April 05, and the risk of further declines is still not over.
The critical support level stands at $1, and if the price breaks this support again, 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.
This platform was designed to offer everyone the freedom to distribute and monetize their content, and with Audius, artists can also generate immutable and timestamped records for their creative works.
Creating music no longer requires a team of producers, and anyone in the comfort of their home can start with inexpensive software.
Audius protocol brings artists, node operators, and fans together and allows them to collectively provide a high-quality end-user music streaming experience without centralized infrastructure.
Audius is owned and operated by its users, and the governance token of this platform is AUDIO. Any AUDIO staked within the protocol will get governance weight, and voting is directly correlated to AUDIO staked for value-added services.
AUDIO tokens are also used for security and feature access, but in the future, fans should be able to delegate tokens to specific artists and curators to share in their growth on the platform. The community of Audius added:
A community goal, via governance, is to ensure that Audius tokens are always being funneled to the most value-added actors by using onchain metrics as a measurement, rather than simply to those staking the most tokens but not actively participating in the ecosystem.
Audius is built on the Ethereum and Solana blockchains, and the team behind this project includes engineers, entrepreneurs, blockchain experts, and audiophiles.
The popularity of this platform is growing, it has already surpassed five million monthly active users, and it is important to mention that Audius partnered with Tik Tok in 2021. According to this deal, users can take any of their songs on the streaming service and directly export them to TikTok.
AUDIO has collapsed from its recent highs
AUDIO has collapsed from its recent high above $1.8, registered on April 05, to $0.99, while the current price stands at $1.16.
The strong support level for AUDIO stands at $1, and if the price falls below it again, the next price target could be around $0.80 or even below.
The current resistance level stands at $1.50, and if the price jumps above this level, it could reach levels above $1.80.
Summary
Audius is a music streaming and sharing platform that was designed to offer everyone the freedom to distribute and monetize their content. AUDIO is the governance token of this platform, and according to technical analysis, it remains in a bear market.
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