- Blur (BLUR) price jumps 9.57%, reaching $0.47 peak.
- Blur team transfers 49.82 million tokens to Coinbase Prime.
- Blur NFT marketplace falls to second place, overtaken by OKX.
In the past 24 hours, Blur
BLUR Price Solid Despite Unlock
On December 16, the transaction involving BLUR tokens took place, with the team transferring the tokens to Coinbase Prime. Colin Wu from Wu Blockchain reports that this transaction brings the cumulative amount of BLUR tokens that have been released and transferred to Coinbase Prime to 485 million, which have a present value of $226 million.
The release of tokens typically leads to a rise in the available supply, which is widely believed to influence the token’s value negatively. Nonetheless, the market demand seems to have successfully taken in the latest release of BLUR tokens, as evidenced by the BLUR/USD 4-hour trading chart. The technical analysis indicates that, as of the early morning on December 18, the proponents of the token had established a price floor at $0.42. This level of support was also key in overcoming the first hurdle of resistance at $0.46.
Bulls Maintain Grip on Trend
As of this writing, the Relative Strength Index (RSI) stood at 59.10. Earlier, the RSI value had reached 33.54, suggesting that BLUR was nearing an oversold condition. Nonetheless, the increase in the RSI suggests a prevailing bullish momentum at the time.
If there is an increase in buying activity, the RSI could approach 65.00, and BLUR might exceed $0.50. However, this scenario is contingent upon buyers maintaining control and preventing bears from influencing the market.
Similar to the Relative Strength Index, the On Balance Volume (OBV) also experienced a rise. Nonetheless, with the OBV standing at -31.72 million, it indicates that BLUR’s position is not completely solid. Yet, should the downtrend in volume balance indicated by the OBV persist in its upward trajectory, the bullish pattern of BLUR might remain intact.
Therefore, an increase to $0.50 is conceivable. Otherwise, BLUR may pause at $0.47 or pull back. Unless the recent bullish surge in other alternative cryptocurrencies in the past 24 hours stops, an upward trend is likely.
In a concurrent event, the Blur NFT marketplace has dropped to second place in the marketplace rankings, surpassed by OKX. Blur had previously been ahead of competitors such as OpenSea and Magic Eden, which was crucial for the increase in the worth of its proprietary token. However, similar to the unlock, the descent in the marketplace’s position has not stopped the positive trend in BLUR’s value.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
