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July 18, 2024
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Blur Token Price Analysis: What’s Next for the BLUR Token-Will it Regains Value Above $5?

The post Blur Token Price Analysis: What’s Next for the BLUR Token-Will it Regains Value Above $5? appeared first on Coinpedia Fintech News

Ever since the Blur marketplace launched its own native token BLUR and awarded users with token allotments through an airdrop, the price skyrocketed to new highs. With this, Blur’s total value locked (TVL) also witnessed a massive surge reaching above $121.42 million, making it the most dominant marketplace. 

Moreover, Blur overtook the leader of the NFT marketplace, Opensea by generating $460 million worth of Ethereum NFT with a rise of over 360%. Meanwhile, Opensea witnessed only a 12% rise with a volume of $107 million in the same period. 

With the swelling adoption and global attention over the token, what can be expected from the BLUR price in the coming days?

Blur Token Price Analysis

Trading View
  • The BLUR price after reaching the interim highs has been witnessing a slight pullback but sustaining within the bullish regions
  • However, the price after a slight pullback is trading within a symmetrical triangle about to break the lower support of the triangle
  • The bulls are utilizing all resources to hold the price above within the triangle. A rebound from these levels may trigger an upswing toward the upper resistance 
  • As the price is testing one of the pivotal levels which can be termed a ‘trend reversal’ zone, a rebound from here is paramount
  • With a rebound, the price may find itself at the edge of consolidation that may further rise high to test the immediate resistance

Considering the indicators, the RSI is testing the lower support and may soon rebound, uplifting the price close to $1.5. Moreover, the MACD is displaying an accumulated selling volume due to which the price in the short-term may witness a minor pullback, post to which a notable price rise may be imminent. 

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