Audius (AUDIO) is a cryptocurrency project that attracted a lot of interest in 2021, as the crypto industry once again became open to investing in interesting, imaginative projects, rather than just seeking out ways to quickly make more money.
The project comes as a decentralized music streaming protocol that was initially built on POA network, and then migrated to Solana. Its goal is to remedy the inefficiencies of the music industry, which has been plagued by intransparent music right ownership and intermediaries that stand between the artists and their audiences.
This has been a problem for decades, and after seeing the blockchain industry’s potential to improve pretty much every industry out there, two Californian entrepreneurs, Roneil Rumburg and Forrest Browning, decided to try and apply the same tech to improve the music industry.
Audius in 2021
The crypto sector thought it was a good idea, as well, which is why Audisu skyrocketed in 2021 from $0.16 on January 1st last year to $4.04 by March 27th. This was quite a rapid surge, which caused a major correction after hitting the mentioned ATH. The coin just started to recover when the mid-May price crash forced it to crop again and stay down during the summer.
The project surged once again in August, although it did not manage to reach its former ATH for the second time. Instead, it only reached $3.3 before dropping again, hitting $2. For the remaining months of 2021, $2 has been the major support that held it from dropping further down, and while the coin did make attempts to grow, it encountered several resistances that prevented it from doing it.
The first one was at $3, which rejected it in mid-September. Then, the one at $2.6 prevented it from going further up in early November. Finally, the one at $2.8 stopped its last major surge attempt only a few weeks later, around November 23rd.
The coin finally broke the support at $2 in December, and it ended the year with a price of $1.65.
AUDIO in 2022
Entering the new year, AUDIO found itself at the support level at $1.6, and it managed to remain above it for the better part of the first week of January. However, around the fifth day of the new year, the cryptocurrency broke the support and crashed to $1.4. This one held for another few days, and then AUDIO dropped to $1.3. After that, it saw a brief recovery to $1.5, only to crash back down to $1.3 around January 18th, and then even break this level and turn it into a resistance.
After a few days of trying to breach its support-turned-resistance, AUDIO was rejected and it sank to its bottom at $0.8 on January 24th. From that point on, however, Audius started to see a slow but steady recovery. The recovery can be clearly seen on a YTD chart, although at the time, it seemed like a random series of surges and drops. At first, the coin reached $0.94, only to then drop to $0.83.
Then, it went to $0.95, only to drop to $0.84. Next, in early February, it climbed to $1, only to get rejected to $0.9. Finally, on February 3rd, a more serious rally took over, taking AUDIO to $1.17. After reaching this level only hours ago, the coin corrected to $1.11, which is where it sits right now. However, if the pattern holds, AUDIO is about to have another sharp surge that will surpass its previous level, and potentially even take the coin to $1.3, or potentially even to $1.5.
To learn more about this token visit our Investing in Audius guide.
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