Blur Price Analysis 16/2: Due to Bullish Steam, BLUR Price Soars by Over 40%

SNEAK PEEK:

• According to recent research, the BLUR market is under bulls’ dominance.
• Bull power succeeds in increasing the price of BLUR by more than 40%.
• Indicators warn traders that the market may witness a reversal if bulls’ dominance continues to wane.

After months of anticipation, on February 14th, Blur, a zero-fee non-fungible token (NFT) marketplace, released its native token and began trading at a value of $5. Over the last day, bullish speculators have successfully driven the price of BLUR (Blur) up by 44%, reaching $1.11 at press time.

Market cap increased by 44.06% to $399.336.905, and 24-hour trading volume increased by 14.70% to $939.735.437 due to speculation of a price increase. Increasing market capitalization, trading volume, and an optimistic mood in the BLUR market all point to the launch’s success.

According to the Williams alligator, the three lines advance upstream with an open mouth, indicating a favorable trend. The green (lips), red (teeth), and blue (jaw) lines cross at 1.0871, 1.0456, and 0.9982, respectively. Price movement above the alligator’s mouth indicates that bullish supremacy will persist, strengthening this bull run. This upward trend is favorable since it suggests that buyers are firmly in charge of the markets and driving up prices.

With a reading of 0.0777, the Bull Bear Power (BBP) trending south shows that this rally may end as selling begins to outrun buying, signaling a likely change in the balance of power. The strong association between the BBP and the alligators’ mouth reinforces this notion, as a continuing decline in the BBP would almost certainly result in a negative reversal of the alligators’ mouth, signaling a market move from bullish to bearish.

The Elder Force Index (EFI) reading of 20.791K, on the other hand, indicates that buying power is still strong and has the potential to keep this uptrend alive; however, because it is moving south, the uptrend is likely to see a decrease in bullish sentiment as buyers gradually become outnumbered by sellers. 

As a result, although the upswing is a good development, its longevity is likely to be brief as purchasing strength begins to wane and the balance of power moves toward sellers.

If current positive momentum continues, the BLUR market may break over the $1.19 barrier level, with the projected resistance at $1.22 and $1.25. The BLUR market may increase activity and trading volume if this breach occurs as investors seek short-term profits. Conversely, if the bullish force fades, the bears may reduce prices and create new support levels of $1.14, $1.12, and $1.10, with each subsequent one being a lower barrier.

The MACD line recently crossed below its signal line, with a value of 0.0899, suggesting a negative emotion.

This shift might signify an adverse change in the market, which could be a warning indication that the bulls’ influence is dwindling and the bears will soon take over. 

Furthermore, as the histogram also dips below the “0” line, with a reading of -0.0036 suggesting increased bearish pressure, this might indicate that prices could soon break below the current support levels of $1.16 and $1.14, leading to more price declines as bears attempt to capitalize on this chance.

For the price to move upward in the short term, bulls must apply pressure to invalidate the bear rule predicted by the MACD line.

Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.

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• Source: https://investorbites.com/blur-price-analysis-16-2/