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.

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.

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

The post BLUR Price Prediction: Will Steady Recovery In Blur Token Surpass $1.5 Mark? appeared first on CoinGape.

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Filed under: News - @ February 20, 2023 8:07 pm