BLUR, a privacy-focused cryptocurrency, is currently experiencing a price decline of around 9.15% within the last 24 hours. The current price of BLUR stands at $0.6662, with a change in 24-hour trading volume of 3.12%. Despite the price fall, the overall trend of the cryptocurrency appears to be bullish, making a higher high and higher low pattern on the 4-hour timeframe.
The price of BLUR is currently trading within an ascending parallel channel, respecting the channel boundaries of this pattern. This pattern might present an opportunity for short-term investors, even though the sentiments of the investors are taking a bearish turn in the last 24 hours, and the price is predicted to fall 11% within the next few weeks.
The technical indicators for BLUR suggest support for the bulls, as the price is trading above the 200 EMA and SMA. However, oscillators are presenting a contradictory viewpoint, with the sentiments of the investors trading in the “greed zone”. On the 1-day timeframe, the BLUR price is also seen trading within a consolidation zone.
The overall market sentiment recently experienced a slight increase compared to last week, with the market sentiments in the greed and fear index currently standing at around 63 points. This represents an increase of 7 points since last week, when the sentiments were trading near 56 points according to the Alternative (dot) me site.
A cryptocurrency information platform called Coinglass reports that sellers are prominent across the majority of the cryptocurrency exchange platforms, overwhelming the market by 52 – 55%.
The technical analysis on the 4-hour timeframe suggests that the RSI line is taking a reversal from overbought levels and crossing below the median line. The value of the RSI line currently stands at 42.39 points, with the 14 SMA providing resistance to it at 47.70 points. The downward curve of the RSI line on the daily timeframe indicates a bearish reversal.
The Stochastic RSI, however, is trading at extremely oversold levels, which contradicts the RSI line. The %K line has yet to give a bullish crossover above the %D line, though the Stochastic is giving bullish indications for the upcoming trend on the daily timeframe. The current value of the Stochastic RSI is 2.57 points.
Based on this analysis, the BLUR price might take a slight bearish correction of 11% in the near future. The RSI oscillators are steadily moving toward the demand zone, where the Stochastic is already trading at oversold levels.
At present, the BLUR price stands at $0.666 on the daily timeframe. For potential investors, a bearish short-term correction might present an opportunity for profit. However, it is essential to closely monitor the BLUR price trends and oscillators to be better prepared for potential market fluctuations.
In conclusion, the BLUR price is currently undergoing a bearish correction, which might negatively impact short-term investors. However, the overall trend of the cryptocurrency appears to be bullish, making a higher high and higher low pattern on the 4-hour timeframe. Investors are advised to closely monitor the market and make a well-informed decision when considering whether to invest in BLUR.
Important technical levels to keep in mind are:
Support: $0.60000
Resistance: $0.90000
Disclaimer: The views and opinions expressed by the author or any people mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto-assets comes with a risk of financial loss.