Blur Token Breaks Monthly Resistance Despite Token Unlock! Is BLUR Price Preparing For A Correction?
Blur tokens have not met sellers’ demand, as its price has been consistently increasing, surpassing monthly resistance levels even with a significant token release. In the face of increasing purchase interest, large-scale investors are actively trading, and current on-chain metrics suggest a strong bullish trend in the Blur price chart. However, there might be a liquidation soon as profitable holders might soon book their gains near the top.
Blur Flashes Bullish On-Chain Metrics Despite Token Unlock
In the past day, the Blur token experienced significant liquidation after its recovery from a recent low. According to Coinglass, Blur saw a total liquidation of $1.13 million. Of this, sellers liquidated approximately $624,000 in positions. Meanwhile, buyers also actively participated, liquidating about $506,000 in positions, indicating a high level of market activity.
Recently, the professional-oriented NFT marketplace Blur released nearly 50 million BLUR tokens from its vesting agreement. These 49.46 million BLUR tokens, valued at $32.29 million, were transferred to Coinbase Prime. The transfer was conducted using the 0x0A0 multi-signature address.
Opposite to the expectations of many analysts, who predicted a decline in Blur’s value due to the increased token supply, the market reacted differently. Over the past 24 hours, Blur’s price experienced a notable surge in buying interest, indicating that demand has exceeded supply.
Interestingly, just days prior to the token release, major investors have been notably active. According to data from IntoTheBlock, there has been a significant increase in large-scale transactions, peaking at 248 transactions. This activity from these major players is currently contributing to an increase in volatility in the price of Blur.
Since June 2023, Blur has transferred a total of 534 million tokens to Coinbase Prime, amounting to about one-third of the entire BLUR supply. This gradual unlocking procedure is set to continue over a period of four years.
What’s Next For Blur Price?
Bulls successfully drove Blur’s value above the moving averages as its price recently gained buying momentum near the EMA20 (20-day Exponential Moving Average) trend line and surpassed immediate Fibonacci resistance levels. At present, Blur is trading at $0.698, surging over 6.3% from yesterday.
The rising trend of the EMA20, currently at $0.66, with the Relative Strength Index (RSI) hovering around 60 level, indicates a likelihood of further upward price movement. Blur price has been trading within an ascending channel pattern. If the price breaks above the resistance line at $0.765, this could boost buying pressure and potentially push the price up to $0.84.
Conversely, for sellers to reverse this upward trend, they need to drive the BLUR/USDT pair below the immediate support level of $0.65. Achieving this would disrupt the current bullish momentum and might initiate a decline towards $0.58.
