Audius is an Ethereum-based decentralized music platform specifically developed for content creators. It was founded in 2018 by Roneil and Forrest and it offers users a way to gain direct access to their audience without going through a third party. The music is streamed at no cost at 320kbps and content is maintained on the network by nodes that are elected by the artists.

The Audius platform has enjoyed steady growth in its user base and currently stands at 81,122. Moreover, the number of transactions conducted on the protocol has seen a 2x improvement in the last few months. In terms of market capitalization, AUDIUS has a market cap of $381 million, making it the 104th largest cryptocurrency. In the last 24 hours, its trading volume soared 1,800% and its price is now trading at around $0.38 with a 12% intraday gain.

At present, the weekly AUDIUS technical chart points toward a weak upside trend in the price. It has already breached the $0.5 barrier and is forming huge spikes in the daily chart which suggest a selling pressure. It is also trading above the 50 and 100 day moving averages which could see a positive crossover in the near future and push the AUDIUS price to a higher level.

The RSI on AUDIO is currently hovering at around 76, indicating its presence in an overbought zone. Additionally, its RSI has a positive slope suggesting that the AUDIUS price could see a bullish foray. In conclusion, various analysts still suggest a strong upside momentum in the AUDIUS price and its major support is believed to be at $0.3 while its major resistance is at $0.5.



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