The Audius price has lost momentum as some buyers exit and volume declines. The AUDIO price is trading at $2.856, which is about 30% below the highest point last week. This decline brings its total market capitalization to more than $1.1 billion. It is slightly below the Basic Attention Token BAT), Bitcoin Gold, and Harmony ONE.
The Audius price popped last week after the developers inked a deal with TikTok, one of the most popular social media platforms in the world. The new partnership will see artists on the Audius ecosystem make their songs available in the TikTok ecosystem.
Creators will also be able to kink their following on TikTok to the Audius ecosystem. This was notable since TikTok is a popular app and that Audius had more than 100k artists on its platform. It has more than 5 million users every month.
While the AUDIO price popped after the announcement, the momentum has waned. A closer look at data shows that the volume of Audius traded in key exchanges has faded. The volume traded has dropped to more than $56 million on Sunday. This was substantially lower than last week’s high of more $908 million. It has been on a downward trend since then. So, what next for AUDIO price?
The Audius has been in a strong bullish trend in the past few days after it dropped to $0.5980 in July. The coin has risen by more than 385% since then. It has also risen above the 50-day and 25-day moving averages. A closer look shows that the coin has formed a cup and handle pattern that is shown in red. The MACD and the Relative Strength Index RSI) have continued rising.
Therefore, while the AUDIO price momentum has faded, the overall outlook is bullish, with the next key resistance being at $4.89, which was the highest level in April. On the flip side, a drop below $1.4396 will invalidate the bullish view.