An Emerging Bullish Pattern Sets BLUR price for a Prolonged 50% Rally
Published 15 seconds ago by
Brian Bollinger The formation of an ascending triangle shape in the Blur token price over the past four days of price action has been evident. An ascending triangle pattern is a sign that buyers are gradually increasing in the Blur token market price. Today’s bullish candle saw the coin price surpass this pattern’s $1.225 neckline resistance. This provides holders with a long recovery opportunity. Here’s how this bullish pattern influences the future price of the Blur token.advertisementKey Points: Blur has gained popularity among professional NFT traders, who prefer the platform for their trading activities due to its advanced features and competitive advantages.
Blur token price to rally 50% on a bullish breakout of the $1.22 neckline resistance in the triangle pattern.
Blur’s intraday trading volume is $624.5 million, which indicates a 6.7% loss.
About BLUR tokenThe BLUR blockchain project was launched in October 2022. It is a NFT marketplace for professional traders. The project provides an advanced marketplace that offers a variety features such as portfolio management, real-time price feeds, and multi-marketplace NFT comparatives. It offers faster NFT sweeps at zero Market fees and a more user-friendly interface than its competitors. BLUR, an Ethereum-based platform’s native governance token, was recently offered to its users through Care Packages. These Care Packages were split into four rarity tiers and distributed to those who participated in beta testing six month prior to the official launch. Trending Stories The platform was designed to benefit artists by giving them additional BLUR tokens in return for royalties. It is fascinating to see how Blur, a crypto analyst, is trying to distinguish itself from other similar platforms by offering artists additional BLUR tokens as an incentive to those who pay royalties. The Blur token price has been rising steadily since its launch on February 14th. The candles were attached with long-higher prices rejection wicks which indicated that the Blur token price was under high supply pressure. However, the price has seen a steady rally since its launch on February 14th. The altcoin is currently 10% higher and the exchange handles at $1.3 mark. Source: tradingviewThe daily time frame chart shows an ascending triangle formation for the Blue token price. It is a bullish continuation trend pattern that usually forms during an uptrend. The pattern is composed of two components: a horizontal resistance line and a rising trendline. The horizontal resistance line is formed from a series price highs that do not break higher. The rising trendline is made by a series price highs that fail to break higher. The ascending triangle pattern ends when the price breaks through the horizontal resistance line. This usually signals a bullish continuation or uptrend. As such, the rising Blur price broke the $1.22 ceiling. This is also the neckline resistance for the triangle pattern. The coin price has slightly reverted and retested the breached support as potential support. If the altcoin proves to be sustainable above $1.22 support, interested trader could seek an entry opportunity. The triangle pattern, which is favorable, offers a target of the same length as the neckline resistance and the earliest swing long shot breakout at that point. In this case, traders could look for an entry opportunity. Technical IndicatorEMAs (yellow): The rising trendline and the 20 EMA slope (yellow), provide dynamic support to rising blur prices. Thus, the coin holders could expect a strong rally until this EMA slope is intact.advertisementRSI: The daily RSI slope wavering high in the bullish territory indicates the buyers are aggressive in nature.Blur Coin Price Intraday LevelsSpot rate: $1.29
Resistance level – $1680 and $1788
Support level: $1500 and $1420
Share this article on:advertisementAbout author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.