Blur Price Correction Phase Stops at $0.88 Support; Will Recovery Continue

Published 46 minutes ago by
Brian Bollinger In the midst of uncertainty in the crypto market the BLUR token’s price fell below the psychological resistance $1.4 on February 19. The token fell below the $1.17-$1.14 swing high resistance, triggering a significant correction. However, during this downfall, the 4-hour chart showcased several lower price rejection candles indicating the buyers are wrestling to regain trend control.advertisementKey Points: The four-hour chart displaying multiple long-tail rejection candles suggests a likelihood of a bullish reversal from the $0.88 support level.
The potential price rise may be resisted by the downsloping 20 EMA.
Blur’s intraday trading volume is $508.5 million, which indicates an 8.2% gain.
Source: TradingviewOver the past five days, the BLUR token’s price action displayed a V-top reversal at the $1.4 resistance. This pattern is a strong signal of a bearish reversal as it indicates that the bullish trend has lost momentum, and the bears are now in control of price movements. The BLUR token price action fell 30% from the $1.4 resistance and plummeted to $0.96. However, buyers are not abandoning the market as evidenced by the numerous rejection candles at lower prices during this downturn. Trending StoriesThese rejection candles suggest that the Blur token price could rebound from the $0.88 support level and retest the $0.17-1.45 resistance zone as potential resistance. Trending Stories: This rejection candle indicates that the Blur token price could rebound from the $0.88 support and retest the $0.17-0.145 resistance zone. A reversal of the $1.17 flipped resistance will indicate that the market sentiment has shifted away from buying on dips to selling during rallies. This reversal will hint at a prolonged correction in the Blur token price.Technical IndicatorEMAs: The daily-RSI slope diving deeper into the bearish terroir indicates growth in underlying bearishness.advertisementRSI: The sharp downfall below the midline(50%) indicates the ongoing sentiment in the market is bearish.Blur token Price Intraday LevelsSpot rate: $0.95
Trend: Bearish
Volatility is high
Resistance level: $1.17 and $1.4
Support level: $0.88 and $0.56
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