The Audius price is attempting to recover from its beating in late September and has now reclaimed the critical moving averages. Audius (AUDIO) underperformed its rivals last month, gaining just 5.7% over the four weeks. This morning, the token is changing hands at $2.35 (+2.39%), lifting its market cap to $1.18 billion, ranking it the 95th most valuable cryptocurrency, two places behind Dogelon Mars (ELON).
Although the music-streaming platform has gained over 40% in the last week, its recovery still has a long way to go. The AUDIO token is trading 27% below the September high, 48% below the August high and around 55% below April’s record of $5.176. However, long-term holders are still showing a healthy return. Despite the recent volatility, the Audius price is up more than 1,300% year-to-date. Furthermore, the platform has attracted high profile investors recently.
In August, Katy Perry and Nas took part in a $5m financing round. As a result, the AUDIO token jumped 165% to $3.36 in three days. However, since then, the price has been trending lower in a volatile manner. Encouragingly, the AUDIO token has made considerable progress over the last week and is now trading above the significant moving averages, which could clear the path for an extended move higher.
AUDIO Price Analysis
The daily chart shows AUDIO is trading above the 50, 100, and 200-Day Moving Averages at $2.18, $2.13 and $1.740, respectively. Additionally, the Relative Strength Index (RSI) is trending higher, and at 57.50, it has more room to run.
As long as AUDIO sustains the 100-DMA, I expect it to trade with a bullish tone. A logical target on the upside is the band of horizontal resistance approaching $3.20. However, the immediate bullish view relies on Audius holing above $2.13. therefore, a close below this level invalidates the thesis.
Audius Price Chart (daily)
For more market insights, follow Elliott on Twitter.