Audius is down by 2 per cent in today’s trading session. The drop is a continuation of a long-term bearish trend that has seen the cryptocurrency drop by 20 per cent in the past ten days. The platform Audius aims to tap into the more than $13 billion per year music streaming industry, which by the end of 2021, had more than 400 million subscribers.
In addition, the platform plans to address unfair compensation for content creators. The issue has plagued the music industry, with musicians highlighting their plight with these traditional streaming services by arguing thy are losing out.
Audius aims to bring the music streaming service to the blockchain. The platform offers a decentralised music streaming service with social media features. It is also open-source, owned and run by a community of artists, fans and developers.
The artists are also given more power over how their music is monetised and enable them to connect directly with fans. Today, the platform has grown to become one of the largest blockchain-based music streaming apps. Audius also has a market capitalisation of over $670 million, making it the 99th largest cryptocurrency in the market today.
Audius is in a long-term bearish move, which has resulted in an over 20 per cent drop in the past few days. In today’s trading session, the cryptocurrency is resuming the bearish trend after showing bullish signals yesterday. Throughout April, the cryptocurrency has also struggled in the market. It has lost 38 per cent from the month’s price highs and is likely to continue with the downward move.
Currently trading at $1.09, I expect Audius to drop and trade below a dollar. I also expect the current bearish trend to continue. There is a high likelihood of the prices falling below $0.75 in the next few days. This is partly due to fluctuating trading volumes, which have dropped in April from highs of $281 million on April 3, 2022, to the current $47 million. I expect the trading volume to continue falling, which is likely to result in further Audius price fall.
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