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Earlier today, the crypto market intelligence platform Messari revealed on Twitter that Blur Lending (Blend) saw a massive increase in its volume in May of this year. According to the post, Blend’s volume for May stood at over $365 million.
Messari also pointed out that this is more than most of its competitors in the Non-Fungible Token (NFT) space have done in a whole year. However, despite its latest success in the NFT space, the price of BLUR saw its price drop over the past 24 hours of trading.
CoinMarketCap indicated that BLUR was trading hands at $0.3563 following a more than 15% price descent. This left the crypto trading very close to its daily low of $0.3547. BLUR’s price drop also flipped its weekly performance into the red zone to -2.74%.
Meanwhile, the crypto’s 24-hour trading volume saw a sizable 142.83% increase. As a result, its volume stood at around $249 million at press time. BLUR’s market cap of $257,336,599 meant that it was ranked as the 111th biggest crypto in terms of market capitalization.
From a technical perspective, BLUR had attempted to break above the next key resistance level at $0.4149 during yesterday’s trading session. Although the altcoin’s price was able to temporarily rise above the major price point, it was unable to close yesterday’s daily candle above this mark.
At press time, BLUR’s price was trading between the 9-day and 20-day EMA lines and was resting on the minor support level at $0.3506. If it breaks below this support during today’s trading session, then it may continue to drop to the crucial support level at $0.2916 in the following 24-48 hours.
On the other hand, if the altcoin’s price is able to remain above the $0.2916 level for the rest of today’s trading session, it may look to retest the aforementioned resistance level at $0.4149 in the next 24-48 hours. This potential attempt may result in BLUR’s price flipping the resistance level into support as well.
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