Blur Price Correction Phase Stalls At $0.88 Support; Will Recovery Continue?
Amid ongoing uncertainty in the crypto market, the BLUR token price turned down from the psychological resistance of $1.4 on February 19th. The bearish reversal triggered a significant correction which tumbled the token below the last swing high resistance of $1.17-$1.14. However, during this downfall, the 4-hour chart showcased several lower price rejection candles indicating the buyers are wrestling to regain trend control.
Key Points:
- The four-hour chart displaying multiple long-tail rejection candles suggests a likelihood of a bullish reversal from the $0.88 support level.
- The downsloping 20 EMA may act as a dynamic resistance against the potential price rise.
- The intraday trading volume in Blur is $508.5 Million, indicating an 8.2% gain.
Source- Tradingview
Over the last five days, the BLUR token price action showcased a V-top reversal from the $1.4 resistance. This pattern is considered a strong bearish reversal signal as it suggests that the bullish trend has lost momentum and the bears have taken control of the price movement.
As a result, the BLUR price tumbled 30% from the $1.4 ceiling and plunged to the current price of $0.96. However, the several lower price rejection candles during this downfall suggest the buyers have not thrown the towel yet.
These rejection candles indicate a high possibility for the Blur token price to rebound from the $0.88 support and retest the $0.17-0.145 resistance zone as potential resistance. The BLUR holders should keep a close eye on this level as the price behavior around it could influence the token’s near future movement.
Also Read: Top 10 DeFi Lending Platforms In 2023
If the 4-hour candle closes above the $1.17 mark, the buyers could undermine the recent correction and challenge the $1.4.
On a contrary note, a reversal from the $1.17 flipped resistance will project the market sentiment has shifted from buying on dips to selling on rallies. This reversal will hint at a prolonged correction in the Blur token price.
Technical Indicator
EMAs: The daily-RSI slope diving deeper into the bearish terroir indicates growth in underlying bearishness.
RSI: The sharp downfall below the midline(50%) indicates the ongoing sentiment in the market is bearish.
Blur token Price Intraday Levels
- Spot rate: $0.95
- Trend: Bearish
- Volatility: High
- Resistance level- $1.17 and $1.4
- Support level- $0.88 and $0.56
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
