Published 4 hours ago
The formation of a famous bullish pattern called ascending triangle has created a sense of prolonged bullish rally in the Blur token price. Under the influence of this pattern, the coin price shows a series of new higher highs and higher lows indicating a steady uptrend. Here’s how this pattern may further influence the future of the Blur coin.
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Key Points:
- An ascending triangle pattern is considered bullish as reaching a higher low indicates the growth in underlying bullishness
- Blur holders can maintain a bullish sentiment the support trendline is intact
- The intraday trading volume in Blur is $487.2 Million, indicating a 22.3% loss.
Source- Tradingview
In the four-hour time frame chart, the Blur token showed the formation of an ascending triangle pattern. This pattern is formed when a coin price reaches a resistance level and forms a series of higher lows, which create a diagonal trendline that converges with the horizontal resistance level.
Thus, under the influence of this pattern Blur coin price gave a massive breakout from the $1.21 neckline resistance of this pattern on November 19th. This breakout is possible to give buyers a significant footing to bolster further rally.
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However, since yesterday, the coin price is hovering above the breached resistance trying to check stability at the new reclaimed levels. If the Blur price shows sustainability above the $1.21 mark, the buyers could drive the price 52% up to hit $1.82.
However, on a contrary note, a 4-hour candle closing below the rising trendline could invalidate the bullish thesis. This support breakdown could trigger a correction phase and plunge prices to the $1.03 mark.
Technical Indicator
EMAs: the 20 EMA support offers additional support to Blur’s price to maintain above $1.21 support.
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RSI: The downsloping RSI slope indicates weakness in bullish momentum and a higher possibility for support breakdown.
Blur Coin Price Intraday Levels
- Spot 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 presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/blur-price-prediction-will-steady-recovery-in-blur-token-surpass-1-5-mark/
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