- 1 Blur token price has breached its range trajectory and depicted a breakdown.
- 2 The token hit its 52-week low mark of $0.3000 this week.
The Blur (BLUR) token price showed a consistent selloff and dragged below its key moving averages, displaying underperformance on the chart.
Trading in the bearish trajectory, the token has experienced a severe selloff and lost over 60% of gains in the past three months.
Following a double top formation and a rejection from the supply zone, the seller army continued to dominate the battle and endured pushing the BLUR token from the highs.
The price action signifies a follow-on selloff; buyers cannot hold on to the gains. It has faced multiple rejections from the 50-day EMA mark for weeks, which signifies the lack of bullish momentum.
The lower low swings were intact, and the token split its crucial range support of $0.3400 last week. Still, if the token slips below $0.3000, the correction will extend further toward $0.2500 soon.
At press time, the BLUR was trading at $0.3105 with an intraday drop of 3.26%, reflecting bearishness on the charts. It has a monthly return ratio of -15.90% and -23.20% yearly, reflecting a downtrend.
The pair of BLUR/BTC is at 0.00000469 BTC, and the market cap is $520.83 Million. Analysts are bearish and suggest that the BLUR price may face a follow-on selloff and might retest $0.2500 ahead.
Will the Selloff Ease Ahead, or is Correction Imminent?
Per the TradingView charts, BLUR has escaped out-of-the-range bound moves and witnessed a breakdown last week. Afterward, the buyers failed to attain any noteworthy pullback and faced a lack of strength.
Meanwhile, investors are not confident about buying the token due to its severe downtrend. The trend remained negative until the token was sustained above its 20-day EMA mark.
Source: TradingView
The price action favors the bear cartel and reveals severe distribution from the highs. Meanwhile, a few technical indicators are guiding that the correction might pause here, and a significant rebound can be seen ahead.
Likewise, the RSI curve stands in the oversold region and guides a dead cat bounce, which could be seen further, whereas it saw a negative crossover, which reveals a bearish outlook.
The trading volume continued to drop and witnessed a decline of over 34% to $21.53 Million in the last 24 hours.
Notably, it is ranked 136 per the market cap and has a total supply value of 3 billion. Its market cap dropped over 5% this week, replicating a decline in the investor’s interest.
In a tweet by @SpotOnChain, 37.5M BLUR ($11.6M) was just unlocked and transferred to Coinbase Prime 30 minutes ago.
The above transaction is part of a monthly unlock activity that has been ongoing since June 2023.
Over the past year, 728.296M BLUR (approximately $272M) was unlocked, most of which were transferred to Coinbase Prime.
The lock-up contract still holds 726.7M BLUR ($226.48M), which will be unlocked in the upcoming months.
37.5M $BLUR ($11.6M) was just unlocked and transferred to Coinbase Prime 30 minutes ago.
— Spot On Chain (@spotonchain) June 16, 2024
The above transaction is part of a monthly unlock activity that has been ongoing since June 2023.
Over the past year, 728.296M $BLUR (approximately $272M) was unlocked, and most of these… pic.twitter.com/88lLG0FPVD
Source:X
Active Addresses and Open Interest Insights
Over the past few weeks, the active addresses data revealed a consistent drop and declined over 90% to the 203 mark, reflecting a decrease in investor trading activity.
Source: Santiment
Meanwhile, the futures OI data witnessed a consistent surge, revealing the short additions made by the bears, which continued to be made.
The open interest surged over 5.89% to $277.37 Million in the last 24 hours. The immediate support levels for BLUR are $0.2800 and $0.2500, whereas the key upside hurdle is around $0.3300, followed by $0.3700.
Conclusion
BLUR slipped below its key moving averages, revealing a sharp distribution from the highs. Follow-on lower-low swings were made for weeks, and the token experienced a consistent decline, directing the seller’s dominance.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
