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The Audius price surged 30% on news that Katy Perry, Jason Derulo, Nas, and several other music industry execs have invested $5 million. Decentralized music-streaming service Audius is starting to make waves. Fresh off the back of last months deal with TikTok, the Spotify rival has made even higher-profile alliances.
Audius (AUDIO) aims to shake up the music industry by allowing artists to upload their music directly onto the platform. Since its launch, the platform has risen in popularity now boasts over six million monthly active users. However, it had catered mainly to independent artists, but yesterday’s announcement suggests Audius is starting to break into the establishment. The Audius price reacted instantly to the news, and its native AUDIO token jumped from $2.20 to over $3.00 and out of its recent downtrend. However, the price has run into a strong resistance band and is currently changing hands at $2.93.
The daily chart shows the Audius price has been trending higher since the middle of June. In that time, the AUDIO token has improved by close to 400%. However, Audius is still around 45% below the $5.17 all-time high set in May. Interestingly, yesterdays jump has lifted Audius above a descending trend line at $2.61. This former resistance now becomes the first support level and the basis for a bullish price prediction. As long as the AUDIO token stays above$2.61, it should go higher. In this event, the first target on the upside is the 17th of August high at $4.17, and above that, the May all-time high.
However, should the price drop below, $2.61 it would indicate the breakout has failed. Furthermore, this could lead to a test of the rising trend line at $2.04. If the Audius price loses this support, the outlook will flip from bullish to bearish.
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