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May 18, 2024
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BLUR Price Soars To New Highs! Why BLUR Token Is On The Rise?

The post BLUR Price Soars To New Highs! Why BLUR Token Is On The Rise? appeared first on Coinpedia Fintech News

The NFTs have recorded massive attention from the market recently, gaining massive momentum. The BLUR token has claimed the top gainer spot as it has gained over 20% in value within the past day.

Following the NFT ecosystem surging over 45%, the total NFT sales volume surpassed the $18 Million mark, resulting in the category experiencing a significant upswing in price.

The Blur price was trading in a narrow space of $0.1538 and $0.1734 since September. During this time, the price displayed massive volatility and sold close to its upper level. Following the market pump, the BLUR token gained momentum and successfully broke out of it.

Blur Price Analysis
TradingView: BLUR/USDT

The price continued to gain value but was rejected at $0.2198, after which the price traded in a consolidated range between $0.1734 as its support and $0.2198 as its resistance. Following the Golden Cross, the token regained momentum and broke out of the level but was again rejected at the resistance level of $0.2626.

The bulls attempted to break out of it but repeatedly failed, resulting in the price forming a new closed range of $0.2198 and $0.2626. As NFTs started to gain attention, BLUR experienced a bullish influence and broke out of the spectrum after trading in it for over a week.

The price continued to gain value with minor volatility until recently when it was rejected at the resistance level of $0.3861. After which the price experienced minor correction and has been presently retesting the level of which the outcome is uncertain.

Will BLUR Price Continue To Gain Value?

The RSI indicator has been trading above the mid-point for almost a month, indicating a strong bullish sentiment for the coin in the market. Further, the average recently breached the oversold range, suggesting a massive buying power over selling.

If the bulls push the price above the resistance level of $0.4051, the price will regain momentum and run to test its upper resistance level of $0.4500 in the coming days. Maintaining the price at that level will set the stage for the coin to attempt to test its key resistance level of $0.500 by the month-end.

Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level at $0.3517 soon. Moreover, if the bears continue dominating the market, it will further plunge and test its lower support level of $0.3019 in the coming weeks.

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