The Audius price has lost momentum. AUDIO is trading at $2.07, which is in the same range where it has been in the past few weeks. This price is about 48% below its highest level in September. Its total market capitalization has dropped to more than $855 million and its ranking among cryptocurrencies crashed to 108.
AUDIO crash explained
Audius is a blockchain project that is disrupting the music industry. It is using the technology to ensure that artists get more money using its platform. Today, many artists depend on their music labels, which often gives them a raw deal. The Audius platform has more than 6 million monthly users.
Audius came into the limelight a few weeks ago when the company entered a deal with TikTok. The deal meant that artists on its platform can make money by having their content in TikTok, the app with more than 1 billion monthly users. A few weeks later, Audius raised millions from some of the biggest players in the music industry like Katy Perry and Jason Derulo.
Recently, however, with no headlines in sight, the AUDIO price has been under pressure. It has moved into a deep bear territory, having fallen by almost 50% from its all-time high. So, what next for AUDIO?
Audius price prediction
The four-hour chart shows that the Audius price formed a major bottom at $1.9047. It struggled moving below this level several times since September. It has also moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been in a downward trend.
Therefore, while AUDIO seems to be in trouble, a rebound cannot be ruled out. Historically, its price has come out from nowhere and rally. If it bounces back, the next key resistance level to watch will be at $3, which is about 45% above the current level. The bullish view will be invalidated if the price manages to drop below the key support at $1.9047.