- Audius price has been in a strong bullish momentum.
- The rebound is likely because of the growing ecosystem.
The Audius price has been in a strong bullish trend in the past few days as investors buy the dip of one of the best web 3.0 projects in the industry. AUDIO, its token, has risen to $1.82, which is the highest it has been since January 3 this year.
Audius growth
Audius is a leading web 3.0 project built on Solana’s blockchain that hopes to become a leading platform for music listeners and artists.
The project is aiming to disrupt one of the biggest industries in the world. The total addressable market (TAM) for music streaming is estimated to be worth over $20 billion.
Unfortunately, most of these funds don’t go to musicians. Instead, they go to giant music labels like Sony, Universal, and Warner. Indeed, these firms are now valued at over $100 billion, making them some of the giant corporations in the world.
Audius aims to change this by making it possible for independent musicians to submit their songs and then make money whenever people listen to their songs. To achieve that Audius has partnered with companies like TikTok to make music more popular in their platforms.
AUDIO is the native token for the Audius platform. It is used to pay musicians and buy merchandise. At its peak, the token was trading at $5.2, bringing its market value to more than a billion. The rally accelerated when a group of music heavyweights like Nas and Katy Perry announced that they had funded Audius.
Audius price has dropped in the past few months as part of the overall cryptocurrency sell-off. It dropped to a low of $0.65 while its market cap fell to below $700 million.
Still, the platform has continued being popular. According to SimilarWeb, the number of its website users has risen from 738k in December to 819k in February this year. So, what next for the AUDIO price?
Audius price prediction
The daily chart shows that the AUDIO price bottomed at about $0.6571 in March. Since then, the stock has managed to move above the 25-day moving average while the Relative Strength Index (RSI) has moved above the overbought level.
Audius price has also moved above the descending trendline shown in green. This line connected the highest points since November last year. Therefore, there is a likelihood that the coin will keep rising as bulls target the key resistance level at $2.50. Here’s how to buy Audius and other cryptocurrencies.
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