Category: Audius

Top 3 Coins to Watch Today: AUDIO, ICP, SAND – August 23 Trading Analysis

Post author By Malik Junaid
Post date August 23, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Audius (AUDIO)

Audius AUDIO is a decentralised music-sharing and streaming protocol that facilitates direct transactions between listeners and creators, giving everyone the freedom to distribute, monetise, and stream any audio content. Audius aims to align the interests of artists, fans and node operators through its platform powered by its native AUDIO token. Artists can upload music, stored and distributed by content and discovery nodes, that fans can listen to for free.

AUDIO Price Analysis

At the time of writing, AUDIO is ranked the 122^nd cryptocurrency globally and the current price is US$0.2989. Let’s take a look at the chart below for price analysis:

Source: TradingView

AUDIO has been consolidating between approximately $0.509 and $0.282 since early May 2022. The high end of this range, from $0.496 to $0.563, could provide significant resistance. A rally to this level would partially fill an area of inefficient trading on the monthly, weekly, and daily charts. It would also run bears’ stops above the summer’s consolidation.

The swing high near $0.440 could provide a closer resistance. If the price can reach this level, it will run bears’ stops above the recent sharp move downward. It’s also near the June monthly open.

The closest resistance may be an area between $0.352 and $0.377. This level shows buying before August 11’s run on bears’ stops, contains the 40 EMA, and has inefficient trading on the daily chart.

Currently, the price is testing possible support near $0.306. At this level, bulls rejected bears in mid-June near the bottom of inefficient trading on the monthly chart. The price has already swept some bulls’ stops as it creates relative equal lows.

These relative equal lows may suggest that this level will later break. Yet, in the short term, it could prompt a rally toward resistance.

If the price breaks down from its consolidation range, $0.215 may provide the next higher-timeframe support. Here, the weekly chart shows accumulation before early 2021’s rally.

A sustained downtrend could reach $0.077 or below, where the monthly chart shows inefficient trading. Higher-timeframe support below this level is unclear due to a lack of historical price action.

2. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation alongside Bitcoin and Ethereum. The Internet Computer scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, it enables the complete re-imagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 35^th cryptocurrency globally and the current price is US$6.22. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP has consolidated since mid-May and is approaching the bottom of this range. An area near $5.95 could provide support. It’s below relative equal lows, offering bears an attractive target, and shows inefficient trading on the daily chart.

A run to this level may drop slightly lower, near $5.54, to touch the midpoint of accumulation on the weekly chart. No historical price action exists to suggest support below this area. The 50% extension on late July’s bullish impulse could hint at possible support and a bearish target near $4.25.

The closest resistance might exist between $7.17 and $7.60. This area shows inefficient trading on the daily chart above the midpoint of the recent drop. It also contains the 18 and 40 EMAs. If the price does break through this level, it could retest the August monthly open near $8.99. Bears rejected bulls here on all timeframes.

A more substantial rally may run bears’ stops above relative equal highs near $9.80. This potential move could reach into an area of inefficient trading on the monthly and weekly charts above, up to $11.28. Stronger resistance might begin near $10.24, where the daily chart showed brief distribution on May 10.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 38^th cryptocurrency globally and the current price is US$1.02. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND has also been consolidating since mid-May and is retesting its range lows. An area between $0.9798 and $0.8995 offers the highest odds of holding if bulls want to keep the price in its range. This area near the range’s lows is the upper half of accumulation on the weekly chart. It also ran stops under early May’s swing low.

If the downtrend resumes, the price may reach as low as $0.3827. This area shows inefficient trading formed on the weekly chart as July 2021’s rally kicked off. The price has not yet indicated that it will head for this level.

Inefficient trading near $1.2026 may provide the first resistance. This area contains the 18 and 40 EMAs and overlaps with old swing lows.

Bears rejected bulls in late July and early August near $1.3384. This area, just above the August monthly open, could provide resistance again.

An area of inefficient trading from $1.5373 to $1.6298 offers an attractive target to bulls and could provide significant resistance. Reaching this gap would allow bulls to run many bears’ stops above the summer’s range highs.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Audius Hackers Illegal Tokens

Hacker Exploits ‘Audius’ for $1 Million in Malicious Governance Proposal

Post author By Jana Serfontein
Post date July 26, 2022

Decentralised music streaming platform Audius has announced that it lost around US$1 million to an unknown hacker early on July 24.

The hacker was able to gain the funds after the platform mistakenly passed a malicious governance proposal that saw more than US$6 million worth of the platform’s AUDIO tokens transferred:

Hello everyone – our team is aware of reports of an unauthorized transfer of AUDIO tokens from the community treasury. We are actively investigating and will report back as soon as we know more.

If you'd like to help our response team, please reach out.
— Audius 🎧 (@AudiusProject) July 24, 2022

The hacker was able to transfer 18 million AUDIO tokens from the community treasury, an action that was approved by the Audius community, then assigned himself as the sole guardian of the contract by calling the smart contract function “initialize()”.

Once the platform detected that attack, it paused smart contracts and AUDIO tokens initially to prevent further loss of funds but resumed smart contract functionality soon after. Funds in both the community and the foundation treasury are now said to be safe.

Slippage in AUDIO Price

The attacker sold the tokens on decentralised exchange Uniswap for US$1.08 million, triggering a slippage in the AUDIO price. Slippage refers to the difference between the expected price of a token and the price when the order executes, and is expressed as a percentage of a dollar amount.

According to a tweet from security analysis firm PeckShield, the fault is said to have been caused by inconsistencies discovered in the storage layout of Audius:

The issue of @AudiusProject lies in inconsistent storage layout between its proxy and impl. In particular, the collision of Audius Community Treasury contract results in an equivalence of disabling the initializer modifier. The proxyAdmin addr (0x..abac) plays a role here. pic.twitter.com/x4CqRncahp
— PeckShield Inc. (@peckshield) July 24, 2022

Audius Designed to Cut Out the Middleman

Audius was established to connect music fans with artists without having the need for an intermediary like a record label. Initially designed to be a blockchain version of SoundCloud, it is a place where artists can produce immutable songs that fans can listen to free of charge.

The platform gives artists the freedom to choose how they monetise their work and ensures that artists receive 90 percent of the revenues collected. The remaining 10 percent is issued to node operators. Audius has become so popular that popular music artists such as Katy Perry, Steve Aoki and the Chainsmokers have invested in the crypto-powered streaming platform.

Audius now has over six million monthly active users and is a community-owned and operated protocol. The platform recently introduced AUDIO Tipping, enabling fans to tip their favourite artists using the native AUDIO token.

Audius Blockchain Crypto News DeFi NFTs Tokens

Now You Can Tip Your Favourite Musician Through Blockchain Streaming Service ‘Audius’

Post author By Phil Stafford
Post date July 21, 2022

Blockchain-based music streaming service Audius is enabling fans to tip artists using $AUDIO token, the platform’s native cryptocurrency.

📢 Introducing $AUDIO Tipping!

You can now send $AUDIO tips to your favorite artists & curators on Audius! pic.twitter.com/u7n05N0fZ4
— Audius 🎧 (@AudiusProject) July 19, 2022

More Forms of Monetisation to Come

“We’re creating new ways for our seven million active monthly users to show their favourite artists how much they appreciate their work,” Audius co-founder and CEO Roneil Rumburg said in a statement. “But this is just the first piece of monetisation – in the coming weeks and months we look forward to expanding on monetisation with more options for fans and artists alike.”

The company also plans to introduce “ways to tip that do not require tokens”. The platform already offers fans the opportunity to bankroll their favourite artists by harnessing the power of DeFi. They can also benefit from music sales as part copyright owners, thanks to NFTs.

Launched in 2018, Audius hosts over 250,000 artists who have released a combined one million tracks on the platform. “A lot of experiments have been run over the years to evolve the music industry’s business model,” said Rumburg. “But we’ve yet to see a platform that strikes the right balance, improving the music experience for the parties that matter most – artists and their fans.

Audius is laying the groundwork for a new era where artists reclaim control over their work and their earning potential, all the while giving fans a closer relationship to the music they love. Tipping is a small first step in this direction.
Roneil Rumburg, co-founder and CEO, Audius

Artists including Katy Perry, Nas, Jason Derulo, Pusha T, the Chainsmokers and Steve Aoki have all invested in Audius. “Everyone who uploads to Audius can be an owner; you can’t say that about any other music streaming platform,” says rapper/entrepreneur Nas.