Blur continued its uptrend for the most part of the current and registered huge increases during this spree. It broke several critical barriers to the delight of the bulls. To achieve this, the coin had two massive single-day spikes.
The first took place on Wednesday. The altcoin started exchanging at $0.32 at the start of the day but soon enjoyed a notable increase in buying volume. As a result, it broke above $0.40 after it held out for more than seven days. It went further to set a new 6-month high after it broke the $0.50 resistance. In the end, it peaked at $0.52 and registered gains of more than 40%.
The second single-day surge took place on Friday. BLUR opened trading at $0.50 and spiked in price as the buying volume increased. As a result, it broke the $0.65 barrier and attempted $0.70. However, it failed as it faced strong rejections at $0.68. Nonetheless, the day ended with the asset gaining almost 30%.
Following these surges, many wonder what triggered them. It is interesting to note that to celebrate its anniversary, the altcoin gave back to its community in form of an airdrop. Post airdrop, blockchain monitoring platform Lookonchain noted several whale activities on the asset. One of the biggest was the purchase of over 51 million blur which was valued at $21 million at the time. Subsequent large buys took place afterward.
Is the Uptrend Over?
For the first time this week, BLUR is seeing two consecutive days of downtrends. During the previous intraday session, it broke below $0.60 and dropped to a low of $0.57. Although it rebounded, it closed with losses of more than 7%.
The situation is no different now. The asset dipped further and hit a low of $0.53. Currently trading above $0.54, many wonder if this is the end of the uptrends.
The chart points to this possibility. For example, the Moving Average Convergence Divergence stopped its uptrend. A closer look at the image above shows that the 12-day EMA lost momentum and may retrace if current conditions hold.
The Relative Strength Index is another bearish indicator in this case. The metric was above 70 three days ago as a result of the massive increases in value. At the time of writing, it is close to the mark and may continue the downtrend.
How Low Will Blur Go?
Vital Support: $0.50, $0.35, $0.30
Vital Resistance: $0.60, $0.70, $0.75
Following the surges that saw the altcoin clear several resistances, it failed to create strong support. Nonetheless, the $0.50 barrier may be the first line of defense as it held out against small attempts. If it fails Blur may drop as low as $0.35. A closer look at the mark shows that it is not one of the toughest, but there is considerable demand concentration around it.
In the effect of further decline, the token may drop as low as $0.30. A closer look at the said mark shows that a lot of price actions take place there. This means the cryptocurrency may struggle around it
On the other hand, if market conditions improve, the token may continue its uptrend. One of the first levels it may attempt is a return to $0.60. Following this, it may test and flip $0.70. The toughest resistance on the list is the $0.75 as the weekly chart depicts several failed attempts at it.
