- Blockchain-based music streaming platform Audius raises $5 million from music-industry honchos.
- AUDIO/USD pair climbs nearly 30% up in response.
- Golden cross setup supplied bullish fuel.
- Buying momentum is still on despite overbought conditions.
JAIPUR (CoinChapter.com) – Audius’ AUDIO token began the weekend on a bullish note, with a near 30% upside move to $3.15 on Friday. The rally came amid Audius’ latest fundraising round.
As per reports, music industry stalwarts Katy Perry, Pusha T, Nas, The Chainsmokers, Steve Aoki, Jason Derulo, Linkin Park’s Mike Shinoda, and Disclosure collectively plowed in a whopping $5 million to support the platform. In addition, Ex-Sony Music CEO Martin Bandier, CEO of the investment firm K5 Global Michael Kives, and CEO of the performance rights organization SESAC John Josephson also joined the funding round.
The major development comes after the Audius team integrated Solana to scale their music streaming platform.
Audius seeks to democratize music production and publishing by eliminating middlemen and mainstream apps like Spotify or Apple Music.
The approach intends to let musicians earn the true worth of their creations, bypassing talent agents and their fat commissions. In addition, AUDIO holders have direct rights in the platform’s governance. According to the official website, voting weight is a natural function of the user’s $AUDIO stake.
Bullish bids on the AUDIO/USD pair stacked up exponentially after the news made the deal official. The pair resumed its uptrend already on Thursday, but the significant jump came after the fundraising news.
More Stakeholders In The $5 Million Deal
Official reports revealed more participants in Audius’ $5 million investment deal. Notable music and entertainment leader Guy Oseary who has a long managerial track record with Madonna and U2 made a list. Hitco Entertainment founder and Bahamian recording studio owner Charles Goldstuck joined him too.
Along with them are Electric Feel Ventures boss Austin Rosen, Three Six Zero CEO Mark Gillespie, YM&U’s Matt Colon, and musicians RAC and 3lau, who are already well-versed with the crypto and NFT space. Plus, Tom Windish, the live music veteran, also joined the party.
“Blockchain, which I understand to be a transparent and immutable ledger of transactions, should benefit songwriters and other creators in a way beyond what the current system permits. Songwriters need more avenues for revenue, and this model should also help expedite payments for their music as it streams across the world.”Mr. Bandier told the RollingStone magazine
““I believe [blockchains] might be the most important technology to ever hit the music industry. Everyone who uploads to Audius can be an owner. You can’t say that about any other platform.”Nas noted in an official statement
AUDIO/USD Technical Setup
Despite foraying into overbought territory, the AUDIO/USD pair is under considerable bullish pressure. Sellers cashed out with quick profits when the relative strength index (RSI) reading clocked 84.78. However, bulls quickly bought the dip and looked to push the token further higher.
AUDIO’s latest rally points to a breakout from the Descending Channel that restricted gains for the token above the local high of $4.06 logged on August 17. Plus, the AUDIO/USD pair retested $3.17, the crucial multi-month resistance that players spoilsport with rallies even after the previous upside breakout.
If bulls manage to close above the same, retesting the next upward price targets near $4.06 and $4.75 will become much easier. But, with RSI flashing “overheated rally” signs, bearish interference could end the party (for now), dragging prices down below $2.5.