The BLUR price has increased swiftly since October, culminating with a high of $0.54 today.
Even though the upward movement has been substantial, BLUR has yet to reach a new yearly high. Will it do so?
BLUR Reaches 5-Month High
The BLUR price had fallen under a descending resistance trend line since February. The descent led to a low of $0.15 on August 17.
The price began upward afterward, creating a higher low on October 12. Five days later, it broke out from the descending resistance trend line. At the time, the trend line had been in place for 245 days.
In the 42 days since the breakout, the BLUR price increased by 225%, culminating with a high of $0.54 today.BLUR/USDT Daily Chart. Source: TradingView
There are several positive news surrounding the Blur marketplace since season 2 is complete, and the protocol rose to #1 in the Ethereum Non-Fungible Token (NFT) marketplace ranking while also becoming the biggest NFT lending protocol. Season 3 began on November 21.
The Blur team announced they are partnering with the Blast layer-2 protocol to allocate an airdrop for Season 3. There is considerable hype around this protocol.
Cryptocurrency enthusiast Zeneca stated the mind-blowing numbers of the Season 2 airdrop:
In total, around 300,000,000 BLUR tokens were distributed in the airdrop which at current prices amounts to around $100-$120m. Hell of a stimmy.
NFT influencers are loading on BLUR for season 3. Machi Big Brother has bought nearly $200 million worth of BLUR so far. It is worth mentioning that Machi lost more than $14 million farming BLUR in Season 2 despite receiving a $2 million airdrop.
Two hedge funds, Mandala Capital and Sigil Fund, staked more than $2.5 million BLUR in anticipation of Season 3.
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BLUR Price Prediction: Where to Next?
The daily RSI and price action provide conflicting readings.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
While the RSI is increasing, it has generated a bearish divergence (green). A bearish divergence occurs when a momentum decrease accompanies a price increase. It often leads to downward movements.
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However, the BLUR price action is bullish. The altcoin created a large bullish candlestick yesterday and moved above the $0.40 resistance area, which is now expected to provide support.
So, the trend can be considered bullish if the price does not close below this resistance. If the BLUR upward movement continues, the next resistance will be at $0.78, 60% above the current BLUR price.BLUR/USDT Daily Chart. Source: TradingView
Despite this bullish BLUR price prediction, a close below the $0.40 resistance area can lead to a 50% drop to the next closest support at $0.25.
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