The Audius price has lost momentum. The AUDIO crypto price is trading at $2.4122, which is about 40% below the highest level in August. The platform has a market cap of more than $982 million and is the 100th biggest cryptocurrency in the world.
Audius is a blockchain project that is disrupting the music streaming industry. Its price exploded in August after the company announced a major deal with TikTok, the social media sensation. As part of the deal, artists using Audius will have their music available on TikTok’s platform that has hundreds of millions of customers. This was notable since Audius already has more than 100k artists on its platform and more than 5 million users.
Audius differs from other popular music streaming platforms like Spotify and Apple Music that have a centralized control. It is built using blockchain platforms like Ethereum and Solana. As a result, it is run by a community of token holders, who do so by buying AUDIO, its native token.
Therefore, the Audius price has lost steam recently. This trend is, in part, because of this week’s sell-off in cryptocurrencies. The bigger reason is that demand for the AUDIO token has faded as the news about TikTok has eased. So, what next for the Audius price?
In my first article on Audius price, I noted that the coin could be the next big thing in cryptocurrencies. In that article, I noted that the coin was forming what looks like a cup and handle pattern. Indeed, the coin has already completed the cup part and is currently forming the handle section.
Therefore, while it is too early to tell, we can’t ruled out a situation where the coin rebounds in the near term. If this happens, the next key level to watch will be the upper part of the cup at $4.20.
On the flip side, a drop below the lower part of the handle at $1.85 will invalidate this view since it will signify that there are still more sellers in the market.