By now there should be denying the extent to which NFTs are driving the crypto markets presently. After a lot of skepticism from some parts of the community and a summer lull brought about mainly from the bitcoin sell-off in May, NFTs are back in the limelight and continuing to inspire people within and outside of the cryptoverse.
Currently the main focus remains around the collectibles and art aspect of this industry, an area which already has shown application for musicians and a nice boost to Audius's price. But the potential use-cases for NFTs extend far beyond rare jpegs. There is a lot of speculation around what else this technology could be used for and one that stands out as particularly promising is that of event ticketing. So far Audius has really been marketing itself as a streaming service but it has a long way to go before it can considered an alternative to the likes of Spotify or even Soundcloud. It is however the main blockchain project for musicians, so would be the best suited candidate for NFT concert tickets. With the world starting to readjust to life post-lockdown, there is the potential for Audius to make some big moves in this space.
Leaving the fundamentals to one side, the daily chart is also looking good right now. We've had a retest of the prior high around 9000 and the retracement is beginning to look more like a consolidation around 5000-6000 resting above the 21 ema. Upon closer inspection, the price action since July also resembles that of the start of this year, with the recent peak corresponding to the top of the first wave in March. If this is the case then we should be looking at the potential for another big move fairly soon. If it plays out roughly the same as last time, then a 4x - 5x return on audio/ btc seems quite plausible.
On the downside, should it turn out the retracement is far from over, we do have a solid looking trendline currently around 3400, we could anticipate this line getting revisited around or above 4000 before seeing another big move up so i would be looking at a buy zone around there also. Obviously a sustained break below that would be cause for concern and warrants serious reconsideration, as it stands though i see this as the least likely outcome.
Audius is an interesting project overall, it serves an obvious purpose that has far broader appeal than the purely tech focus of most blockchain projects. Furthermore it appears to be doing well for something only a couple of years old, with a functional usable product and an expanding userbase. This alone makes it worthy of consideration as a long-term investment, factoring in the current hype around NFTs and recent price action, its looking to be a good trade in the near term and a good time to buy in general.
Currently the main focus remains around the collectibles and art aspect of this industry, an area which already has shown application for musicians and a nice boost to Audius's price. But the potential use-cases for NFTs extend far beyond rare jpegs. There is a lot of speculation around what else this technology could be used for and one that stands out as particularly promising is that of event ticketing. So far Audius has really been marketing itself as a streaming service but it has a long way to go before it can considered an alternative to the likes of Spotify or even Soundcloud. It is however the main blockchain project for musicians, so would be the best suited candidate for NFT concert tickets. With the world starting to readjust to life post-lockdown, there is the potential for Audius to make some big moves in this space.
Leaving the fundamentals to one side, the daily chart is also looking good right now. We've had a retest of the prior high around 9000 and the retracement is beginning to look more like a consolidation around 5000-6000 resting above the 21 ema. Upon closer inspection, the price action since July also resembles that of the start of this year, with the recent peak corresponding to the top of the first wave in March. If this is the case then we should be looking at the potential for another big move fairly soon. If it plays out roughly the same as last time, then a 4x - 5x return on audio/ btc seems quite plausible.
On the downside, should it turn out the retracement is far from over, we do have a solid looking trendline currently around 3400, we could anticipate this line getting revisited around or above 4000 before seeing another big move up so i would be looking at a buy zone around there also. Obviously a sustained break below that would be cause for concern and warrants serious reconsideration, as it stands though i see this as the least likely outcome.
Audius is an interesting project overall, it serves an obvious purpose that has far broader appeal than the purely tech focus of most blockchain projects. Furthermore it appears to be doing well for something only a couple of years old, with a functional usable product and an expanding userbase. This alone makes it worthy of consideration as a long-term investment, factoring in the current hype around NFTs and recent price action, its looking to be a good trade in the near term and a good time to buy in general.
Order cancelled:
Forgot to update this one. It should be obvious at this point that the market has shifted bearish since posting. Anyway, cancelled.