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Brian Bollinger A bullish pattern known as the ascending triangle, has caused a prolonged bullish rally for the Blur token price. This pattern has led to a series new highs and lows that indicate a steady uptrend in the Blur token price. Here’s how this pattern may further influence the future of the Blur coin.advertisementKey Points: An ascending triangle pattern is considered bullish as reaching a higher low indicates the growth in underlying bullishness
Blur holders can still maintain bullish sentiment as long as the support trendline remains intact
Blur’s intraday trading volume is $487.2 million, which indicates a 22.3% loss.
Source: TradingviewThe four-hour chart of the Blur token showed an ascending triangle pattern. This pattern is formed when a coin’s price reaches a resistance level. Then, a series of higher lows creates a diagonal trendline which converges with the horizontal resistance. Blur’s coin price saw a huge breakout from the $1.21 neckline resistance on November 19th. This breakout can give buyers a strong footing to support further rallies. Trending StoriesAlso read- Explained: What Is Physical NFT? However, the price of the coin has been hovering above the breached resistance, trying to ensure stability at the new reclaimed levels. The buyers could drive the Blur price 52% higher to $1.82 if the price is sustainable above $1.21. However, a 4-hour candle closing below a rising trendline could negate the bullish thesis. This support breakdown could trigger a correction phase and plunge prices to the $1.03 mark.Technical IndicatorEMAs: the 20 EMA support offers additional support to Blur’s price to maintain above $1.21 support.advertisementRSI: The downsloping RSI slope indicates weakness in bullish momentum and a higher possibility for support breakdown. Blur Coin Price Intraday LevelsSpot rate: $1.21
Trend: Bearish
Volatility Medium
Resistance level: $1.38 and $1.6
Support level: $1.2 and $1.03
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.