Recent BLUR price analysis shows continued selling pressure. Altcoin slid 7.49 percent from $0.8115 to $0.6995 yesterday, down 7.49 percent. Also, according to analysts, BLUR has formed a descending triangle pattern that suggests more bearish action in the coming days.
Altcoin in crisis: Can it survive new lows?
cryptocoin.comBLUR has reached a new low, falling below the $0.75 level for the first time in recent weeks. This comes as investors increasingly worry about the potential for further upside in the token supply, which could put even more downward pressure on the price. One of the main reasons for the decline in BLUR’s value is the upcoming airdrop of new tokens that will be distributed to existing token holders.
While airdrops are a great way to reward loyal investors and spark interest in a cryptocurrency project, they can also be problematic if new tokens flood the market and create an oversupply situation. When new tokens are airdropped, they are usually given to existing holders in proportion to the number of tokens they already own. This is a great way to reward early investors and build community engagement. However, it can also create selling pressure if a significant number of investors choose to sell their new tokens immediately.
This is especially true when new tokens are distributed in large quantities, such as with airdrops from new projects trying to build a user base. In some cases, this excess can lead to a sharp decline in the value of the underlying asset as investors struggle to sell before prices drop too low. In the BLUR example, the impending airdrop has many investors worried about the potential for oversupply. Hence, this led to a drop in the altcoin price. Unfortunately, BLUR’s endorsement from key entrepreneurs couldn’t help it come down.
BLUR, is it possible for the price to rise again?
Blur is a native governance token of the revolutionary NFT marketplace and aggregator platform that provides innovative features such as real-time price streams portfolio management and cross-market NFT comparisons. According to data from CoinGecko, the token price has dropped over 80% in the last 30 days. At press time, BLUR is trading at $0.7368 and has a market cap of $192,091,243.
Crypto analyst Annah Mugoir takes a technical X-ray of altcoin price. 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 falling 7.49% from yesterday’s high of $0.8115 to the low of the day at $0.6995. The altcoin has now formed a descending triangle pattern on the daily chart, indicating potential bearish momentum in the near future. Volume has dropped over 29% since yesterday, indicating no buying pressure.
BLUR is on a downward trajectory and seems to be heading towards a downtrend. The bulls are holding the key $0.7200 support level and if this level 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 hovering in the bearish zone, indicating that more downside moves are expected. The altcoin price is trading below all moving averages, further strengthening the bearish outlook for the coin.
SMA 50 seems to be providing strong resistance at $0.8060 and a break above this level could be bullish for BLUR. On the other hand, the 200 SMA provides support at $0.7100, below which a break 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 $0.8115 to $0.6995. The descending triangle pattern shows more bearish momentum in the near future and a break below $0.7100 could be bearish for the altcoin. However, if the bulls can break above $0.8000, we could see a spike in the price of BLUR.
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