The post Blur (BLUR) Massive 30% Pump: Here’s Why It Happened appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The cryptocurrency market is buzzing with the news of Blur, which has recently experienced a massive 30% surge in price. This sudden pump in valuation is closely linked to the aftermath of the Season 2 airdrop. Market observers have noted a significant buying spree, where 19 addresses scooped up a total of 51.3 million BLUR tokens, amounting to a staggering $21 million investment into the asset. A deeper dive into the technical charts offers a clearer picture of this phenomenon. BLUR’s price action before the pump showed a consolidation pattern, trading below a key resistance level. The volume of tokens acquired post-airdrop suggests strong bullish sentiment, as large stakeholders, possibly foreseeing long-term value, have taken substantial positions in BLUR. The buying momentum post-airdrop could have triggered a domino effect, with more investors jumping onboard as they noticed the uptick in activity. This sort of movement is typical in the crypto world, where news and significant transactions can lead to rapid changes in asset valuation. The chart analysis post-pump reveals an intriguing scenario for BLUR. After such a substantial price increase, traders should look for potential zones where a price correction or reversal might occur. The Relative Strength Index (RSI), a momentum indicator, had entered the overbought territory during the pump, which often precedes a pullback as traders…

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Filed under: News - @ November 23, 2023 12:14 am