BLUR Crypto Price Declines To Support Levels, Will It Rebound?

• The trading volume of the Blur crypto has witnessed a considerable decline.
• The crypto has less than 13% of its total supply in circulation.

Blur, a zero-fee NFT marketplace launched in 2022, caters to professional NFT traders, offering simultaneous listing across platforms and a user-friendly fee structure. Co-founded by Tieshun Roquerre and backed by Paradigm, it utilizes the $BLUR token for governance in Blur DAO, influencing protocol parameters and ecosystem growth.

The market cap of the Blur crypto has witnessed a slight advance of 2.0% over the last 24 hours. Despite this, the trading volume of the crypto has seen a massive decline of 52%, resulting in a traded volume ranking of #113.

The current market cap value is $643.509M, and the Blur crypto is the 115th most prominent cryptocurrency in the global cryptocurrency market. Also, the value of the traded volume for the crypto is $87.753M.

Furthermore, the crypto’s volume/market cap ratio is 13.88%. The volatility of the crypto is also high, resulting in 9.72%, and the market cap dominance of the crypto is 0.01%. Moreover, the sentiment of the crypto is bearish, and the fear and greed index of the crypto is at 74, indicating greed. 

The circulating supply of the crypto is 1.541B BLUR, and the maximum supply of the crypto is not disclosed, while the total supply of the token is 3.0B BLUR. This further results in a fully diluted market cap of $1.252B.

Blur Crypto Derivatives Data Analysis

The long/short ratio of the Blur crypto is 0.9881, and the derivatives volume of the crypto has further declined by 55% in the last 24 hours. The open interest has witnessed no significant change, with a slight decline of 1.01%.

The long liquidation for the crypto is further reported to be higher than the short liquidation, resulting in $206.45K. Also, the short liquidation for the crypto is $140.27K.

Social Dominance Vs Social Volume Of Blur

The social dominance and volume of the Blur crypto are very low, indicating the crypto community’s social absence. 

BLUR Crypto Technical Analysis

Despite the formation of the higher high swing pattern on the chart of the BLUR crypto followed by a rising wedge pattern, the crypto price reversed from the higher levels. It formed lower lows on the chart and broke below the rising wedge pattern. 

The following behavior of the price confirms a strong downtrend in the crypto price and indicates the possibility of further decline in the crypto price. 

BLUR/USD Chart by TradingView

The BLUR crypto price trades below the 50-day and the 200-day EMA, followed by a death cross of the EMAs. This shows a strong downtrend in the crypto price.

The MACD and the signal are trading at significant lows and following a bearish crossover. 

The RSI has declined to oversell zones, which shows a strong downtrend in the crypto price. It further has declined below the 14-day SMA.

Summary

Despite slight market cap growth, Blur crypto faces a significant decline in trading volume, signaling bearish sentiment. With high volatility and low social dominance, its technical analysis indicates a strong downtrend, trading below EMAs and forming lower lows. Reversal from higher highs suggests further price decline despite previous patterns.

Technical Levels: 

• Support levels: $0.2960 and $0.380
• Resistance levels: $0.8100 and $1.00

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.