The price of Audius (AUDIO) has increased nearly three times since the beginning of January 2023, rising from a low of $0.128 to a high of $0.363. But where is the price of Audius (AUDIO) going next, and what can we expect from the first quarter of 2023?
The current price of Audius (AUDIO) stands at $0.299, which is still approximately 93% off from its record highs that were registered in August 2021.
Today, Crypto Lists will discuss AUDIO price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin have if trading with leverage.
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- 1 Audius is a music streaming and sharing platform
- 2 Investment approaches
- 3 Technical analysis for Audius (AUDIO)
- 4 Important support & resistance levels for Audius (AUDIO)
- 5 What speaks for the rise in the Audius (AUDIO) price
- 6 What indicates the downfall for Audius (AUDIO)
- 7 What do analysts and experts say
Audius is a music streaming and sharing platform
Audius is a music streaming and sharing platform that allows artists to connect with fans to share exclusive monetized content. Audius allows anyone to publish and listen to music without paying subscription fees, and it is important to mention that users can also create playlists, browse genres and see what songs and artists are currently trending.
Audius was built in 2018 on the Ethereum blockchain, but its content management system was migrated to Solana in order to handle its rapidly growing user base. Hundreds of thousands of unique artists are currently using this music streaming platform, and the social media app TikTok also added the ability for its users to add Audius music to video.
AUDIO is a native governance token of this platform, and it is used to compensate artists for their creative works which are streamed from the platform. The price of this cryptocurrency skyrocketed in August 2021 and reached a record price level above $4 on 17th August. Since then, the price has collapsed, daily trading volume has weakened, but investors should keep in mind that Audius is a very promising project, and the price of AUDIO could advance again to levels that we saw in August 2021.
The positive fact is that the first three weeks of 2023 have been incredible for the cryptocurrency market, and the price of Audius (AUDIO) has increased nearly three times since the beginning of January 2023. If the popularity of the platform continues to grow at the same pace as in the last two years, the price of AUDIO could increase above the current levels; still, investors should consider that if the price of Bitcoin falls again below the $20000 support, that will negatively influence AUDIO.
Investors should continue to take a defensive investment approach early in 2023 amid expectations of “some market turbulence” from looming recession concerns and macro uncertainty. There are fears that the U.S. central bank will maintain its aggressive path of rate hikes, and many analysts expect a global recession that could hit financial markets again.
“The worry is that, not only has the survey indicated a downturn in economic activity at the start of the year, but the rate of input cost inflation has accelerated into the new year, linked in part to upward wage pressures, which could encourage a further aggressive tightening of (Federal Reserve) policy despite rising recession risks.”
– Chris Williamson, Chief Business Economist, S&P Global Market Intelligence
Technical analysis for Audius (AUDIO)
The price of Audius (AUDIO) has increased nearly three times since the beginning of January 2023, rising from a low of $0.128 to a high of $0.363. The current price of Audius (AUDIO) stands at $0.299, and as long the price of AUDIO is above $0.25, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for Audius (AUDIO)
On this chart (the period from April 2022), I marked important support and resistance levels that can help traders to understand where the price could move. AUDIO remains in a “bull” market, and if the price advances above $0.40, the next target could be located around $0.45. The important support level is $0.25, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.20. If the price drops below $0.20, which represents very strong support, the next target could be located around $0.15 or even below.
What speaks for the rise in the Audius (AUDIO) price
Traders are accumulating AUDIO despite the expectations of “some market turbulence,” and according to the technical picture, AUDIO still has room for the upside. Traders should also consider that the price of AUDIO is correlated with Bitcoin, and if the price of Bitcoin jumps above $25000, we can see this cryptocurrency at a higher price level than the current price.
What indicates the downfall for Audius (AUDIO)
AUDIO has advanced more than 170% since the beginning of January 2023; still, traders should keep in mind that the price can easily return to levels below $0.25. The important support level for AUDIO stands at $0.25; if the price breaks this level, the next target could be a support level that stands at $0.20. If the price of Bitcoin drops again below the $20000 price level, that would probably have a negative influence on the price of AUDIO.
What do analysts and experts say
Audius (AUDIO) made sharp gains at the beginning of the 2023 year, but the main question is, does it have more bullish strength left, which depends on both technical and fundamental factors. According to technical analysis, the price of this cryptocurrency could advance even more, but on the fundamental side, there are obviously macroeconomic factors driving the wider crypto market at the moment.
Many analysts expect a global recession that could weigh on stocks and cryptocurrencies again, and because of this, investors should continue to take a defensive investment approach during the first quarter of 2023. The rate of input cost inflation has accelerated into the new year. According to experts, this could encourage a further aggressive tightening of Federal Reserve policy despite rising recession risks. There is a big chance that the U.S. central bank will raise rates by 25 basis points at its next policy meeting in February, and in the days ahead, the cryptocurrency market is going to be hypersensitive to any sort of Fed comments.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.