Blur Price Correction Phase Stalls At $0.88 Support; Will Recovery Continue?

Amid ongoing uncertainty in the crypto market, the BLUR token price turned down from the psychological resistance of $1.4 on February 19th. The bearish reversal triggered a significant correction which tumbled the token below the last swing high resistance of $1.17-$1.14. However, during this downfall, the 4-hour chart showcased several lower price rejection candles indicating the buyers are wrestling to regain trend control.

Key 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 downsloping 20 EMA may act as a dynamic resistance against the potential price rise. 
• The intraday trading volume in Blur is $508.5 Million, indicating an 8.2% gain.

Source- Tradingview

Over the last five days, the BLUR token price action showcased a V-top reversal from the $1.4 resistance. This pattern is considered a strong bearish reversal signal as it suggests that the bullish trend has lost momentum and the bears have taken control of the price movement.

As a result, the BLUR price tumbled 30% from the $1.4 ceiling and plunged to the current price of $0.96.  However, the several lower price rejection candles during this downfall suggest the buyers have not thrown the towel yet. 

These rejection candles indicate a high possibility for the Blur token price to rebound from the $0.88 support and retest the $0.17-0.145 resistance zone as potential resistance. The BLUR holders should keep a close eye on this level as the price behavior around it could influence the token’s near future movement.

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If the 4-hour candle closes above the $1.17 mark, the buyers could undermine the recent correction and challenge the $1.4.

On a contrary note, a reversal from the $1.17 flipped resistance will project the market sentiment has shifted from buying on dips to selling on rallies. This reversal will hint at a prolonged correction in the Blur token price.

Technical Indicator

EMAs: The daily-RSI slope diving deeper into the bearish terroir indicates growth in underlying bearishness.

RSI:  The sharp downfall below the midline(50%) indicates the ongoing sentiment in the market is bearish.

Blur token Price Intraday Levels

• Spot rate: $0.95
• Trend: Bearish 
• Volatility: High
• Resistance level- $1.17 and $1.4
• Support level- $0.88 and $0.56