BLUR Crypto Price Approaches All-Time Low, Is There Hope Left?

• A huge profit booking has been witnessed in Blur crypto in the last few hours since press time.
• The sentiment of the crypto is also bearish, as per Coincodex.

As per the data of Spot On Chain, a whale booked a loss of $5.79M in Blur crypto a few hours ago by depositing 17.71M BLUR to Binance. 

Despite the profit booking in the crypto, the whale has unloaded only 61% of his holdings of the Blur crypto. The same incident is also explained in an X post by @spotonchian.

3 hours ago, a whale capitulated and deposited 17.71M $BLUR ($3.71M) to #Binance at a $5.79M loss!

The whale accumulated $BLUR from Dec 2023 to Mar 2024 at ~$0.54 and unloaded at only $0.21 (-61%) just now.

Overall, following the #Blast airdrop that caused $BLUR to plummet, we… pic.twitter.com/mXiF5YOOpb

— Spot On Chain (@spotonchain) June 28, 2024

The price of the Blur crypto has been consistently declining from the higher levels for the last few weeks, following which the crypto market cap has significantly declined. 

This also led to a decline in the crypto market cap ranking, following which the rank of the Blur at press time is #157. Following the decline in the market cap, the value of the crypto-traded volume has also declined by 57% over the last 24 hours. 

Despite the decline in the volume and the market cap of crypto, the volume/market cap ratio of crypto is 26.75%, which shows very good liquidity. 

The crypto price volatility is also high, resulting in 21%, which shows a higher probability of uncertain fluctuation in the crypto price. The fear and greed index of the crypto further is at 47, which indicates neutral sentiment among the investors.

What Do Derivatives Have For BLUR Crypto?

The liquidation chart of the BLUR crypto shows a decline in the liquidation activity of the crypto over time.  This shows the decline in the interest of the investors and traders in crypto over time.

The recorded short liquidation over the last 24 hours for the crypto is slightly higher than the long liquidation, while the overall liquidation chart shows higher long liquidation over time. 

The trading volume of derivatives for Blur crypto further declined by 46% in the last 24 hours. A traded value of $245.87M follows this. The open interest in crypto further advanced by 2.5%.

The overall derivatives data of the crypto further shows that the crypto price is facing a bearish sentiment among investors and traders. 

BLUR Crypto Technical Analysis

From a swing high of $0.8339, the price of the BLUR crypto has lost its value by 74% at press time. A strong downtrend follows the following decline in the price of the crypto in the crypto. 

The BLUR crypto price has broken below the strong support of $0.40, leading to a decline in the crypto price. Since the breakdown below the given character level change, the crypto price has declined by 45%.

The following decline in the price of the BLUR crypto shows that the trading price of the crypto at press time is down by more than 50% from its all-time high price. This is a sign of strong weakness in the price of the crypto.

BLUR/USD Chart by TradingView

The 20-day and the 50-day EMAs on the weekly chart of the Blur crypto are trading in a death cross, which is further followed by the price of the crypto trading below both the EMAs.

The MACD indicator also shows strong bear dominance as the MACD and the signal line are trading in a bearish trajectory followed by a death cross. The decline in the price is further supported by the bearish histograms formed on the chart. 

The RSI also follows a bearish cycle and has declined below the 14-day SMA. The RSI trades at 32.2 at press time, which is very close to the oversold zone. 

Summary

Blur crypto faces a severe downturn, dropping 74% from its peak and breaking key support levels. 

Whale activity highlights significant losses, and technical indicators like EMAs, MACD, and RSI confirm the bearish trend. Despite high liquidity, declining volume and market cap suggest persistent bearish sentiment.

As the probability of a decline in the price of the BLUR crypto is high, it might take support at the levels of $0.10 and $0.150, followed by the resistance levels of $0.460 and $0.830.

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.