Audius (AUDIO) has finally managed to break its downtrend, rallying 20% as sentiment on the broader crypto market improves. The surge has however lost some of its momentum but it is still holding steady. At the time of writing, the token was trading at $1.9, up nearly 5% in intraday trading. Here are some of the highlights:

• Although the token has surged, it is still trading at nearly 70% down from its 2021 all-time high

• The token was also down nearly 30% in December, and the recent surge only serves to repair some of these losses

• Despite these headwinds, Audius (AUDIO) is still 1000% up year to date

Data Source: Tradingview.com 

Audius (AUDIO) – price action and analysis

The recent crypto correction we saw during much of December had a huge toll on Audius (AUDIO). The token saw slumps of nearly 30% this month, but it has managed to repair some of those losses. AUDIO has also pushed beyond its 50-day moving average of around $1.68, suggesting an uptrend is starting to gather steam. 

The next challenge would be to roar above the 100 and 200 daily moving averages of $2.047 and $2.125 respectively. So far, the token is testing the 100 DMA but is yet to make any decisive break. This could suggest that the bullish breakout that saw the token gain 20% is losing momentum.

Should you buy Audius (AUDIO)

From just fundamental analysis alone, there is no doubt Audius (AUDIO) is a decent investment for long-term value. But the price action in recent months has been quite volatile. 

Even with this recent surge, we don’t see Audius (AUDIO) breaking beyond its 100 and 200 DMAs. So, even though in the long term there is a lot of value to unlock, in the short term it’s very risky at the moment.

$810 million in BTC options are set to expire this Friday. With both bulls and bears determined on a show of strength in the hours preceding the option’s expiry, the $48,000k level remains a critical level to squash.

Across the Altcoin space, selected tokens such as Shiba Inu (SHIB, +19.64%), Audius (AUDIO), Avalanche (AVAX, +19.26%), Origin Protocol (OGN, +14.80%), MOBOX (MBOX, +28.04%), inSure DeFi (SURE, +48.82%) were putting up impressive performances.

Shiba Inu rose from lows of $0.00000651 on Sept 16 to reach highs of $0.00000861, gaining nearly 33% following the news of its Coinbase listing. The SHIB token shared the Coinbase announcement to the joy of its fans ”SHIB is now live on Coinbase and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive or store SHIB”.

The coming days are set to see increased adoption across the space, as the European Union is reportedly looking to bolster technological development in the region with a planned $177 billion investment war chest. According to Bloomberg, EU officials plan to fund direct investments in areas like blockchain, data infrastructure, 5G, and quantum computing, among others.

Bitcoin traded at $47,395 as of the time of post.

Audius, Avalanche, Origin Protocol Steal the Spotlight

Audius (AUDIO)
Audius shot into prominence months back through its integration with TikTok and new NFT features. On Sept. 16, Audius rallied an impressive 36% to highs of $3 following the news that the blockchain-powered streaming startup is about to announce a multimillion-dollar investment round funded by superstar artists and music executives.

As stated in a Rollingstone interview, Audius is set to announce a $5 million round of strategic funding led by major music celebrities such as Katy Perry, Nas, The Chainsmokers via their Mantis VC, Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and Disclosure.

Avalanche (AVAX)
Avalanche (AVAX) rose to fresh all-time highs of $68.55 today following news that the Avalanche Foundation has raised a significant $230M investment from a venture capital group spearheaded by Polychain and Three Arrows Capital to support the growth of the DeFi ecosystem and user applications.

The $230M capital — raised through the private sale of its native token — will be allocated by the foundation across a multitude of use-cases within its blockchain, including “grants, token purchases, and various forms of investments and technology support.”

DeFi platform Aave had earlier announced a future community-wide vote on whether the “deployment of smart contracts in Avalanche C-Chain and activation of liquidity mining program” would be beneficial to the collaboration of the two ecosystems.

At the time of post, AVAX traded at $63.99, up 15.35% in the last 24 hours and 56.88% on a 7-day basis. With a present market capitalization of $14.20, AVAX has flipped Chainlink (LINK) to rank 13th largest.

Origin Protocol (OGN)
On Wednesday, September 15 at 8:02 p.m. EDT, 00:02 UTC on September 16, SpaceX’s Falcon 9 successfully launched the Inspiration4 mission – the world’s first all-civilian human spaceflight to orbit – from historic Launch Complex 39A at NASA’s Kennedy Space Center in Florida. Taking a cue from the historic event, Origin protocol has opened bids for a charity auction in honor of the event on its NFT launchpad. Stating:

”Because @inspiration4x is a historic first for civilian space travel, we thought that another was in order. Introducing the first @0xPolygon #NFT available to the $OGN ecosystem. At only $4, anyone can be a part of the mission to help @StJude”

Origin Protocol traded at $1.14 as of press time.

Image Credit: Shutterstock

Bitcoin price dipped to lows of $45,676 after touching highs at $48,076 during the early morning trading hours on Aug. 16. As bulls scrambled to put a halt to Bitcoin’s price slide, selected tokens such as Solana (SOL) and Terra (LUNA) rallied to all-time highs.

In the past 24 hours, SOL price soared to hit a new all-time high at $69.49 as excitement for the protocol’s new Mango Markets decentralized exchange (DEX) helped to increase demand for SOL.

Terra (LUNA) price’s surge to all-time highs could be traced to its anticipated Columbus-5 network upgrade that is set to go live in the next few weeks, as well as to the fact that users can now use Ether as collateral on the Anchor protocol, a lending and saving platform in Terra’s ecosystem.

Serum, a decentralized exchange (DEX) and an ecosystem that brings high speed and low transaction costs to decentralized finance (DeFi) was trading in the green as of press time. Serum is permissionless and is built on the Solana blockchain. At the time of writing, Serum was up in the last 24 hours by 17.35% at $6.82 following Solana’s rise.

Despite Bitcoin’s price dip taking its toll on the Altcoin market, selected Altcoins such as Audius (AUDIO, +50.73%), Shiba Inu (SHIB, +8.08%), Arweave (AR, +19.79%), DODO (DODO, +19.19%), Clover Finance (CLV, +14.05%), Kin (KIN, +16.43%), Fantom (FTM, +18.13%), Kusama (KSM, +12.02%), Huobi Token (HT, +11.81%) remained up, posting significant gains as of press time.

The Shiba Inu price may have received a nudge from the project’s developer team who announced a two-pronged strategy that appears to have set the rally in motion. These are the addition of new pairs on the decentralized exchange (DEX) ShibaSwap and a coin burn.

Arweave is a decentralized storage network that utilizes a new type of storage that backs up data with “sustainable and perpetual endowments” that allow users and developers to store data forever. AR rose to highs of $25.11 on August 16, while remaining significant up on the day.

The double-digit rallies seen from these tokens indicate increased optimism among traders with a special focus on DeFi and NFT tokens. However, maintaining this momentum will to some extent depend on Bitcoin’s (BTC) short-term price action. Bitcoin’s fundamentals portray seeming strength but analysts highlight the $46,500 as the key level to reclaim as support to sustain the current uptrend.

Why Audius (AUDIO) Rallied 93%?

Audius (AUDIO) rose from lows of $1.528 to reach highs of $2.962 on August 16, gaining nearly 93% in the process. This is not farfetched as Music-sharing protocol Audius became one of the first streaming platforms to partner with TikTok, allowing users to directly share tracks to the popular app. In a Monday announcement, Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds.

According to a Rolling Stone interview with Audius co-founder and chief product officer Forrest Browning, the integration will allow users to export songs created with the protocol to TikTok with one click, to streamline the process.

This news helped boost AUDIO price while pushing it into the top 100 by market capitalization. At the time of writing, Audius ranked 90th while trading at $2.47.

Image Credit: Shutterstock