The Audius price has been in a difficult place recently. It has dropped to a low of $2.25, which is about 3% below the highest level in October this year. This decline brings the total market value of AUDIO tokens to more than $1.1 billion. Its ranking has also crashed to 111. It is just below Nexus Mutual and above Yearn.finance.
Audius is a blockchain platform that is seeking to disrupt the multi-billion dollar music streaming music industry. It does this by creating a platform that presents a win-win proposition for both listeners and artists.
For artists, it achieves this by cutting the middleman. And for listeners, it gives them access to music that they may not have heard in other streaming platforms.
In the past few months, the Audius platform has partnered with TikTok, one of the biggest social media companies in the world. It has also raised capital from some of the biggest players in the music industry. In total, it has raised more than $13.6 million from investors, including Coinbase.
AUDIO is the native token for the Audius ecosystem. It has three roles in the network, including governance, security, and feature access.
Still, Audius faces enormous challenges ahead. For example, it is competing with some big players like Google, Spotify, and Apple that have unlimited resources. Also, it is competing with giant music labels that have all the most popular artists. So, what next for the AUDIO price?
The Audius price formed a strong double-top pattern at $2.922 a few weeks ago. In price action analysis, a double-top is usually a bearish sign. It then crossed the neckline of this double-top pattern at $2.4390. In the past few days, the coin has done a break and retest pattern, where it has retested the lower part of the double-top pattern.
At the same time, the price is approaching the 38.2% Fibonacci retracement level. This is a relatively bearish scenario. Therefore, there is a likelihood that the AUDIO price will maintain a bearish trend. This view will be confirmed if it drops below the support at $2.1700. It will then be invalidated if it moves above the lower side of the double-top at $2.4390.