The Audius price popped in the overnight session as the market reflected on the new tools to improve the ecosystem. AUDIO, its token, is trading at $2.6100, which is about 27% above its lowest level this week. This comeback has pushed its market capitalization to more than $1.3 billion, according to data compiled by CoinGecko.
In a statement on Tuesday, Audius developers announced that they are building features to embed non-fungible tokens (NFTs) on popular platforms like Discord and Twitter. The goal is to help artists on its platform reach more users in these social media platforms. To do this, users will need to connect their wallets to view their NFTs on the network.
Will these NFT features propel the Audius price higher in the long term? In my view, it is relatively too early to tell for now.
On the daily chart, we see that the Audius price has moved relatively in a tight range recently. The coin briefly jumped to its all-time high of almost $5 this week. Now, it is trading at $2.61, which is a few points above the 25-day and 50-day moving average. The MACD is slightly above the neutral level. It is also slightly above the ascending trendline that is shown in red.
Therefore, for now, I expect that AUDIO price will remain in the current range as the NFT news fade. A bullish breakout will be confirmed when the price moves above the key resistance level at $3.12. It had struggled moving above this level several times before. A drop below the ascending trendline will invalidate the bullish view.
This post was last modified on Nov 24, 2021, 04:36 GMT 04:36