Blur Has Seen a Sharp Decline Today, a Price Rebound Likely?

Blur Has Seen a Sharp Decline Today, a Price Rebound Likely?

Time Stamp: March 3, 2023 2:54 PM
Source Node: 1989970
  • The recent BLUR price analysis shows continuos selling pressure
  • The coin dropped by 7.49% to a low of $0.6995 from its high of $0.8115, yesterday.
  • BLUR has formed a descending triangle pattern, suggesting further bearish movement in the coming days.

Blur is a native governance token of the revolutionary NFT marketplace and aggregator platform, which provides innovative features like real-time price feeds portfolio management and cross-marketplace NFT comparisons.

The token price has declined by over 80% in the last 30 days, according to the data from CoinGecko. At the time of writing, BLUR is trading at $0.7368 and has a market cap of $192,091,243.

According to the technical analysis on the daily chart, BLUR opened the daily trading session on a bullish note, trading at $0.7862, and then dipped to its lowest point of the day at $0.6995, a 7.49% drop from its high of $0.8115 yesterday.

The coin has now formed a descending triangle pattern on the daily chart, indicating potential bearish momentum in the near future. The volume has declined by over 29% since yesterday, indicating a lack of buying pressure.

The BLUR/USD pair is following a downward trajectory and appears to be headed for a bearish breakout. The bulls are defending the key support level of $0.7200, and if it is breached, the bears are likely to target the next major support level at $0.6000. On the upside, a break above $0.8000 could see BLUR reaching its previous high of $1.0800 in the near future.

Looking at the momentum oscillators, both the RSI and the MACD are trending in bearish territory, indicating further downside movement is expected. The price of Blur is trading below all the moving averages, further reinforcing the bearish outlook of the coin.

The SMA 50 appears to be providing strong resistance at the $0.8060 level, and a break above this level could be bullish for Blur. On the other hand, the  200 SMA is providing support at the $0.7100 level, and a break below this could be bearish for the coin.

Overall, BLUR appears to be following the overall crypto market sell-off as it saw a 7.49% drop from its high of $0.8115 to $0.6995. The descending triangle pattern suggests further bearish momentum in the near future, and a break below $0.7100 could be bearish for the coin.  However, if the bulls can push above $0.8000, we might see an uptrend in BLUR’s price.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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