Following the upward momentum the market experienced throughout November BLUR The price has seen a huge price movement, gaining over 125% this month alone. On the other hand, the price has been trading under a bearish effect for about a week. This points to the possibility of a major correction in the coming period.
BLUR price continuously struggled between the consolidated range of $0.2198 and $0.3019. Then the bulls beat the bears and the price jumped. With increasing bearish pressure, the price was rejected at $0.3941 and subsequently traded sideways for a while.
When the price broke out of the resistance level, the market experienced a brief relief. However, the price experienced a decline in value after reaching the $0.450 price tag. This pointed to a liquidation zone in the area.
Following this, the price experienced a 32% drop in a period of one week. In this context, it remained close to the $0.3019 support level for a while. Following this, the bulls regained momentum and recorded a 65% bounce before being rejected at $0.4993.
The bulls quickly gained momentum and recorded another 38% jump to $0.6880. Then there was a strong decline in price and the price recorded a loss of 28%. Currently, the price is trading close to the level and is expected to make a move with uncertain outcome soon.
The Moving Average Convergence Divergence (MACD) shows a steady red histogram, highlighting the strong bearish impact on the market. However, on a positive note, the chart shows a decrease in the averages, revealing the possibility of a reversal of the market’s rise.
Will BLUR Price Gain Value Again?
Despite the upward trend, the market is facing a pullback. However, if the bulls manage to sustain the price above $0.4993, the price is expected to regain momentum and soon make a move to test the upper limit at $0.6561.
Keeping the price at this level altcoin This will pave the way for the price to attempt to test the May high of $0.6880 next month.
Conversely, a decline towards the $0.450 support level could cause the price to lose momentum and if the bulls fail to hold the price, it is likely to test the lower support level at $0.3941.