BLUR token price analysis: Token price gives hopes to bulls

• 1 BLUR token price started falling after showing great strength in the initial days.
• 2 BLUR token price is forming a falling wedge pattern on a 4-hour time frame after forming a negative price structure.
• 3 The pair of BLUR/BTC is trading at the price level of 0.0000320 with a fall of -1.28% in the past 24 hours.

BLUR token price is forming a strong bearish price structure on a 4-hour time frame despite forming a reversal chart pattern. The token price is now trading in a small range indicating a strong breakout on either side. At present, the BLUR token price is transacting at the price level of $0.7170.

BLUR token price tries to break the supply zone

Source: BLUR/USDT by tradingview

BLUR token price has shown a strong movement in the past couple of trading days. Thus , leading to a brief fall in the price of BLUR token in a 4 hour time frame. At present, the BLUR token price is trading below the 25 and 50 important MAS. moving upwards these MAs can be seen acting as a strong supply zone. These MAs have been continuously rejecting the upwards movements.

BLUR token price is trading below at the important demand zone. As of now, the BLUR token price has fallen back to the lower band of the bollinger ab d indicator after facing a strong rejection at the upper band of the indicator. volumes have increased as the token price saw an erratic movement. Investors should remain cautious and wait for a clear trend or breakout on either side and then act accordingly.

BLUR token price is forming falling wedge pattern on a daily time frame

Source: BLUR/USDT by tradingview

BLUR token price as per the ADX curve is falling from the supply one. The ADX curve has also fallen from the level of 40 to below the level of 35. As now the ADX curve is transacting at the price level of 35.12. Although, the ADX curve has turned upwards after falling indicating a possible halt in the price movement and change in the price structure.

Supertrend indicator has turned negative since the token price made a high in the 4-hour time frame. This supertrend sell line is acting as a strong supply zone. Moving upwards if the token price breaks the supply zone, then the Supertrend indicator can be seen triggering a strong buy signal. Investors should however remain calm not get carried away by such signals rather wait for a proper breakout.

Conclusion: The BLUR token price is hovering around the supply zone on a lower time frame. As per the price action, the token price is forming a reversal chart pattern. The technical parameters are indecisive due to sideways movement. It remains to see if the token price will break the chart pattern on the upside or break the demand zone.

Support: $0.66 and $0.61

Resistance: $0.91 and $0.97

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.