The Audius (AUDIO/USD) price retreated slightly in the overnight session as part of the overall weakness in cryptocurrencies. The token is trading at $2.8430, which is about 10% below its highest level during the weekend.
Audius is one of the fastest-growing blockchain projects in the world. Unlike many other projects, it is trying to disrupt a multibillion-dollar industry using its application. The company is disrupting the music industry that often gives a raw deal to artists.
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Audius partners with more than 100k artists, who provide their songs into the platform. Unlike in the traditional business model, these artists receive payments directly whenever people listen to their music. Also, they take a bigger cut than using the traditional model, where funds flow first to music labels.
The Audius price has risen substantially in the past few months as the number of monthly users. The company says that its platform has attracted more than 6 million users from around the world. As a result, its AUDIO token has a total market capitalisation of more than $1.15 billion.
This makes it a relatively small player in the music streaming industry that is dominated by the likes of Apple, Google, and Spotify. Still, it is growing at a faster rate than these firms.
The platform has also grown because of the recent partnership with TikTok, one of the biggest social media platforms in the world. The deal will see the platform’s artists monetize on TikTok.
Another reason why its price has jumped is a recent fundraising deal. The company raised about $5 million from a group of artists led by Katy Perry, Nas, and Jason Derulo. This means that the firm is gaining mainstream support. These artists will also help to promote its platform.
Audius price forecast
The daily chart shows that the Audius price rose above $3 last week after the new fundraising deal. This was a notable price because it was slightly above the upper side of the descending flag pattern shown in red. It also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been pressured.
Therefore, there is a possibility that the token will remain in a bullish trend as bulls attempt to move above the key resistance at $3. Besides, a bullish flag pattern leads to a bullish breakout.
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