The Blur token (BLUR) has rebounded from the demand zone of $0.3300 and revealed fresh bull accumulation in the last sessions.
Moreover, signs of trend reversal were noted, and the token retained the 100-day EMA mark. A range breakout was witnessed, and the BLUR token price surged by over 35% this week.
At press time, Blur token (BLUR) price traded at $0.4697 with an intraday gain of 3.31%, reflecting bullishness on the chart. It has a monthly return ratio of 20.12% and a yearly return ratio of 26.20%.
The pair of BLUR/BTC is at 0.00000679 BTC, and the market cap is $765.91 Million. Analysts are bullish and suggest that the BLUR price may register a sharp bounce and will soon retain the upside mark of $0.6000.
BLUR Registered Range Breakout: Signs of a Bear Trap?
The daily chart of BLUR shows a range breakout. It bounced 30% this week. Furthermore, the buyers have gained momentum and are eyeing a significant rally ahead.
Source: Santiment
The token recently escaped the neckline hurdle of $0.4500 after completing the base formation, reaching the 100-day EMA mark.
Moreover, trading volume increased by over 43.27% to $145.95 Million, and the total supply value was $3 Billion. Ranked at 111 per the market cap, the BLUR token has the potential to outperform and is poised for a significant rally ahead.
Price Volatility and Weighted Sentiment Noted a Rise
This week, followed by the significant upsurge in the token price, the price volatility noted a spike of over 22% to 0.025, which signifies investor speculation.
Source: Santiment
Likewise, the weighted sentiment data significantly surged over 13.90% to the -0.043 mark and stays close to the midline region. Analyst @EliZ explained in their tweet that the BLUR token has triggered a breakout and is ready for a significant surge.
$BLUR clear trigger for me pic.twitter.com/CHjsHdMY2k
— EliZ (@eliz883) May 25, 2024
Source: X
Social Popularity Decreased Significantly
Social popularity has significantly dropped for weeks, and low investor interest has been witnessed over the past few weeks.
The Social dominance value dropped over 12% to 0.041%, and decent investor participation and media reports on social media platforms have been witnessed.
Source: Santiment
Additionally, the Twitter followers data witnessed a notable decline of over 11% to 714 and displayed a significant drop in the past sessions.
Futures OI Data Outlook
Following the price rise, the derivative data signifies fresh long-buildup activity and displays buyer accumulation.
Source: CoinGlass
The OI data spiked over 15.06% to $81.70 Million in the last 24 hrs, revealing the investor’s willingness to upsurge the gains.
A fresh bullish wave in the price action signifies the fresh bull accumulation and the token exited out of the range bound moves.
The immediate support levels for the Blur token are $0.4300 and $0.4000, whereas the key upside hurdle is around $0.4700, followed by $0.5000.
Conclusion
The Blur token has escaped the range-bound movements and picked momentum in the past sessions. Moreover, a fresh bullish wave was triggered, and the token rebounded from the bottom.
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