- Blur’s monthly token unlocks contribute to bearish market pressure and price decline.
- The price struggles at $0.35 resistance, with $0.32 support testing for stability.
- Momentum indicators suggest Blur is nearing oversold conditions but remains bearish.
Blur, the decentralized NFT marketplace, saw significant market activity following its monthly token unlock. This month, 34.41 million BLUR tokens, worth about $11.06 million, were unlocked and transferred to Coinbase Prime.
Since the unlocking cycle began on June 15, 2023 , roughly 31.6% of the total BLUR supply (949 million tokens) has entered Coinbase Prime. This equals $323.1 million at the current transfer value. This continuous token unlocking influences BLUR’s market behavior, which shows a downward trend.
Price Movement and Market Pressure
The current price of BLUR stands at $0.3172 , marking a 10.18% decline over the past 24 hours. This drop reflects the broader market sentiment, with the token facing consistent downward pressure. The market cap also fell to $659.33 million, a 10.09% decrease.
Source: Coinmarketcap However, trading volume rose by 14.32% to $130.86 million. This increase, combined with the price decline, suggests higher trading activity and intensifying selling pressure.
Key Support and Resistance Levels
Blur’s recent price movement has been marked by a struggle to maintain key support levels. The token’s recent high resistance level was $0.3532, which the price failed to break through. This resistance zone forced the price downward, reinforcing the bearish sentiment.
Read also: BLUR Token Holders Cry Foul as Price Tanks Despite Ecosystem Growth
On the other hand, the current support level is $0.32. The price tested this level multiple times, suggesting it could hold. If this level stays intact, a short-term rebound is possible.
However, if the price falls below $0.32, the next level to watch is $0.31. This could signal a deeper decline. For a bullish reversal, BLUR needs to reclaim and hold above $0.35.
Momentum Indicators and Outlook
Blur/USD 1-day price chart, Source: Trading view Blur’s short-term momentum is bearish, with a 1-day RSI of 43.09. This suggests the asset is approaching oversold conditions but is not at extreme levels yet. Also, the 1-day MACD is below the signal line, confirming the downward momentum.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
