Audius price is down by 50 per cent in May, Continuing a pattern of the price drop that has seen the crypto lose 73 per cent of its value since the year started. In today’s trading session, Audius is down by 3 per cent and looks poised to continue the long-term bearish trend.
The drop comes despite Audius being one of the most innovative content platforms in the market today. It allows its users to co-own their favourite artists’ music, artists are compensated fairly. The platform also uses blockchain technology to change the music industry.
Since its launch, the project has continued to grow, both in size and the number of users. Recent data shows that the project has six million monthly listeners. This represents less than 2 per cent of the 445 global monthly music streaming subscribers that its competitors enjoy. However, Audius is still relatively new and continue to gain traction within the music industry. The platform also has huge artists endorsements, including NAS and Katy Perry.
Despite recent price drops, the Audius platform price are very highly to recover due to the underlying business model of the platform. In addition, the millions of people who make its userbase will also likely contribute to the recovery of the platform.
Audius Price Prediction
On May 11, Audius traded at a price low of 0.22. This is the lowest the prices had gone since February 4, 2021. However, the prices quickly started an upward move that saw the prices increase by 87 per cent to currently trading at $0.42.
Despite today’s trading session price drop of 3 per cent, the recent 87 per cent recovery shows the cryptocurrency has been in a bullish trend reversal for weeks. The past four days, however, has seen the markets move sideways. Therefore, my Audius price prediction expects the current downtrend to end soon. I also expect the prices to trade above $0.5 in the coming sessions. There is a high likelihood we will be seeing Audius trading above $0.8 price level in the next few trading sessions.
However, if the prices close today’s trading session below $0.38, which was yesterday’s price lows, then my trade analysis will be invalidated. It will also signal that the prices will likely continue with a downward trend.