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Blur Price Prediction: Amid the current uncertainty in the crypto market, the BLUR token has emerged as a beacon of growth, escalating remarkably from the psychological of $0.3 to the current trading price of $0.627. This represents an impressive 115% surge which led to a breakout from the neckline resistance of an inverted head-and-shoulder pattern, a classic bullish signal often indicative of a market bottom. This pattern’s resolution suggests a robust readiness among buyers for an extended recovery phase.
The momentum for the BLUR price appreciation was likely fueled by Binance’s announcement to list the token. This cryptocurrency exchange is set to enable trading for BLUR in pairs like BLUR/UTC, BLUR/USDT, and BLUR/TRY starting November 24th at 09:00 UTC.
Also Read: 25 Whales Purchased Millions Of BLUR Tokens, Price Jumps 90% In Week
Blur Price Prediction: Bullish Pattern Sets Higher Recovery
- An ascending triangle pattern is considered bullish as reaching a higher low indicates the growth in underlying bullishness
- Blur holders can maintain a bullish sentiment the support trendline is intact
- The intraday trading volume in Blur is $929 Million, indicating a 2.3% gain.
Source- Tradingview
The Blur token trajectory over the past five months reveals a predominantly lateral movement, with its value capped below the $4.5 level. However, a closer examination of the daily time frame chart uncovers the formation of the aforementioned inverted head-and-shoulder pattern.
This pattern, coupled with the broader market recovery, propelled the BLUR price from a modest $0.15 in mid-October to an impressive peak of $0.627, marking a 316% growth. The recent bullish breakout from the pattern’s resistant neckline provides an early indication of a potential trend reversal.
If the buying momentum sustains, we can anticipate the BLUR token price to ascend by an additional 28%, targeting the $0.8 mark. A decisive breach above the $0.08-$0.082 resistance zone is crucial for the price to surpass the $1 threshold
Fibonacci Retracement Tool Offers Strong
During its rally, BLUR has undergone several corrective phases, which have played a pivotal role in bolstering its bullish momentum. Notably, these corrections have typically reverted to either the 32.8% or 50% Fibonacci retracement levels, before rebounding with greater vigor. Therefore, in the event of a future retracement, these Fibonacci levels(especially 50% FIB) could serve as strategic points for investors to set their stop-loss orders, acting as a safety net.
- Average Directional Index: The ADX slope currently stands at 34%, suggesting that buyer exhaustion may be imminent, potentially leading to a corrective phase
- Exponential Moving Average: The 20-day EMA is poised to provide strong support in the event of a pullback, reinforcing the token’s underlying bullish sentiment.
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