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In Audius’s (AUDIO) 2023, we use statistics, price patterns, RSI, RVOL, and other information about AUDIO to analyze the future movement of the cryptocurrency. Audius (AUDIO) is the native cryptocurrency of Audius, a decentralized music streaming platform. It was launched as a layer 2 blockchain protocol on POA Network, an Ethereum sidechain, in 2018. Later in 2020, the protocol’s content management system migrated to the Solana blockchain. Audius emerged as a streaming platform that combines the pros of blockchain technology and web3 to solve the drawbacks of the traditional music industry. It allows artists and creators to upload their creations, music tracks onto the incentivized blockchain protocol. Notably, it enables the monetization of music within the decentralized finance realm. The native token, AUDIO, was also launched along with the protocol in 2018 as an ERC-20 token. Primarily, AUDIO serves as the governance token of Audius. It grants users with the voting rights in the matter of network enhancement proposals. Users stake AUDIO tokens to validate and secure the records on the protocol. Artists and creators receive rewards in AUDIO tokens for streaming their content and music tracks. Audius (AUDIO) ranks 107th on CoinMarketCap in terms of its market capitalization. The overview of the Audius price prediction for 2023 is explained below with a daily time frame. In the above chart, Audius (AUDIO) laid out an ascending channel pattern. An ascending channel is defined as the price action contained between two parallel upward-sloping lines. This price pattern is distinguished by higher highs and lower lows. An ascending channel is created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs. Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend. At the time of analysis, the price of Audius (AUDIO) was recorded at $0.371. If the pattern trend continues, then the price of AUDIO might reach the resistance levels of $0.5143 and $1.0113. If the trend reverses, then the price of AUDIO may fall to the support of $0.3651, $0.2035, & $0.1633.. The chart given below elucidates the possible resistance and support levels of Audius (AUDIO) in 2023. From the above chart, we can analyze and identify the following as the resistance and support levels of Audius (AUDIO) for 2023. The charts show that AUDIO has performed a bullish trend over the past month. If this trend continues, AUDIO might run along with the bulls overtaking its resistance level at $1.021474. Accordingly, if the investors turn against the crypto, the price of the AUDIO might plummet to almost $0.1254, a bearish signal. The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Audius (AUDIO) are shown in the chart below. The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment. At the time of analysis, the RVOL of Audius (AUDIO) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend. The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish). Notably, in the above chart, the AUDIO price lies above 50 MA (short-term), indicating its uptrend. Hence, AUDIO is in a bullish state. Although this is the current state, a trend reversal might occur. Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state. Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal. At the time of analysis, the RSI of AUDIO is at 72.14. Therefore, this indicates AUDIO is in an overbought state. Also, this confirms that AUDIO sends out a buy signal. In the below chart, we analyze the strength and volatility of Audius (AUDIO) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI). To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100. According to the data on the above chart, the ADX of AUDIO lies in the range of 42.3995 pointing out a strong trend. The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of AUDIO lies above 50, indicating high volatility. Let us now compare the price movements of Audius (AUDIO) with that of Bitcoin (BTC), and Ethereum (ETH). From the above chart, we can interpret that the price action of AUDIO is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of AUDIO also increases or decreases respectively. With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Audius (AUDIO) between 2024 and 2030. If bulls dominate the price momentum and trend patterns, then Audius (AUDIO) might successfully test and surpass its resistance levels to hit $5 by 2024. The significant upgrades in the Audius ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Audius (AUDIO) price to reach $10 by 2025. If Audius (AUDIO) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $15. If Audius (AUDIO) sustains major resistance levels and stands as a better investment option in the market, then AUDIO would rally to hit $19. If Audius (AUDIO) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then AUDIO would hit $25 by 2028. If investors flock in and continue to place their bets on Audius (AUDIO), then the crypto would witness major spikes. Hence, AUDIO might hit $27 by 2029. By 2030, the AUDIO price might rally to $30 if the trend momentum aligns in favor of Audius. Furthermore, AUDIO would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI. If Audius (AUDIO) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Audius (AUDIO) price prediction for 2023 is $1.0214. Comparatively, the bearish Audius (AUDIO) price prediction for 2023 is $0.1254. If there is a positive elevation in the market momentum and investors’ sentiment, then Audius (AUDIO) might hit $2. Furthermore, with future upgrades and advancements in the Audius ecosystem, AUDIO might surpass its current all-time high (ATH) of $4.9944 and mark its new ATH. Audius (AUDIO) is the native token of the decentralized music streaming platform, Audius. AUDIO was launched as an ERC-20 token along with the protocol in 2018. Traders can trade Audius (AUDIO) on the following cryptocurrency exchanges such as Binance, Bybit, CoinW, Bitrue, and Bitget With the ongoing developments and upgrades within the Audius platform, Audius (AUDIO) has a high possibility of reaching its ATH soon. Audius (AUDIO) hit its current all-time high (ATH) of $4.9944 on March 27, 2021. According to CoinMarketCap, AUDIO hit its all-time low (ATL) of $0.07774 on November 03, 2020. If Audius (AUDIO) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $2 soon. Audius (AUDIO) price might reach $5 by 2024. Audius (AUDIO) price might reach $10 by 2025. Audius (AUDIO) price might reach $15 by 2026. Audius (AUDIO) price might reach $19 by 2027. A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.
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