Audius (AUDIO) takes off 34% thanks to Katy Perry and other Superstars, Powerful Buy Signal

Cryptocurrency Audius (AUDIO) is on fire this Friday, posting a 25% 24-hour gain at the time of writing, one of the top performers in the Crypto Top 100. Audius started its rally yesterday afternoon around 5pm, when it was trading at $ 2.28. Less than 12 hours later, at 3 a.m. this Friday, $ 3,046, an increase of + 34%.

In this analysis, we will remind us what Audius cryptocurrency is and its advantages, then we will look at the reasons for the rise, before assessing the future prospects through technical analysis.

Audius (AUDIO), a decentralized Spotify

The Audius platform is a decentralized music sharing and streaming protocol that aims to cut out middlemen in the music industry and allow fans, subscribers and creators to interact directly with each other. Clearly, it is a competitor of Spotify, which would allow the marketing of music without any intermediary.

Currently, Audius (AUDIO) is the world’s largest decentralized blockchain application in terms of monthly users.

As an Audius governance token, AUDIO is put into play by users to secure the platform. In return, users receive a share of the network fees, a vote on governance as well as some value-added services like tokens and badges for their favorite artists, according to the Audius website.

News boosts the AUDIO course

Note that the sharp rise in the cryptocurrency Audius (AUDIO) yesterday followed the announcement that several superstars, including Katy Perry, Nas and The Chainsmokers, had taken part in a $ 5 million strategic fundraising round for Audius, bolstering the credibility of the project, and proving the support of the artists, essential for the success of the platform.

It will also be recalled that last month, the AUDIO price had approximately doubled in 1 day following the announcement that TikTok had chosen Audius to feed its new “TikTok Sounds” library and to streamline the process of downloading and choosing music from the library. ‘application.

Graphic buy signal to be noted on Audius

From a graphical point of view, it should be noted that Audius’ rise since yesterday allowed it to cross a downtrend line which had blocked its evolution for about 1 month, as seen on the daily chart below.

However, the cryptocurrency has yet to cross the major psychological threshold of $ 3 tested last night to further confirm its upside potential. In that case, a return to the August 17 peak at $ 4 will be the next bullish step, ahead of the all-time high set on March 27 near $ 5.

On the downside, only a return below the $ 2 threshold would cancel out the upward bias visible on the daily chart.