The crypto market has been volatile lately, but one token that seems to be bucking the trend is BLUR. According to Daan Crypto Trades, a top crypto analyst, the BLUR token has shown signs of a potential bullish breakout.
In a tweet, Daan Crypto Trades shared a chart analysis of the BLUR/USDT trading pair. The analysis revealed a descending trendline, indicating a bearish trend with consistently lower high prices. However, the latest candlestick on the chart has broken through this trendline, which Daan Crypto Trades considers a bullish signal.
“$BLUR is breaking out of this massive falling wedge,” the analyst tweeted. “Pretty straightforward so far, also holding up better than most today. Would still like to see it show a bit more strength after this break.”
What you'll learn 👉
Significant Technical Levels
The chart analysis also highlighted two crucial support levels. The lower red line, around 0.4423 USDT, marked the lowest price reached in the given time frame. Meanwhile, the upper yellow line, around 0.5725 USDT, could potentially act as a resistance level, a price point where the upward trend might stall or reverse.
A breakout from a descending trendline is often interpreted as a bullish signal in technical analysis. It suggests that the price might start to move upward if the pattern continues. However, Daan Crypto Trades cautioned that further confirmation of strength would be needed to validate the breakout.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Current BLUR Price
According to data from CoinGecko, the current price of the BLUR token is $0.5462. This represents a 5.42% increase over the past seven days, despite a 2.83% decline in the last 24 hours.
Market analysts will monitor BLUR’s price action in the coming days to see if the breakout pattern holds and leads to a more sustained upward trend. As always, traders should exercise caution and conduct their own research before making any investment decisions.
Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.
Get all our future calls by joining our FREE Telegram community.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
