The price of Blur (BLUR) initially increased by 30% but has since retraced a significant portion of that increase. This increase may be attributed to UPbit Global exchange listing the token for trading. However, the price has not confirmed a bullish reversal as it has failed to close above a long-term resistance line. The daily time frame analysis shows that the price has been falling under a descending resistance line since February 24, reaching a low of $0.28 on June 10. Despite a brief move above the resistance line on June 27, the price has not closed above it yet.
Although the price action is not bullish, the Relative Strength Index (RSI) suggests bullish momentum. The RSI, which indicates market overbought or oversold conditions, is above 50 and has broken out from a descending resistance line. This suggests that the BLUR price may soon move above the resistance line, but confirmation is needed from a lower time frame analysis.
A closer look at the four-hour chart reveals that the BLUR price is currently trading within an ascending parallel channel. This channel is typically a corrective pattern that leads to breakdowns. Although there was a brief move above the channel’s resistance line on June 27, the possibility of a corrective upward movement and new lows cannot be ruled out. If the price breaks out from the short-term channel, it would confirm a breakout from the long-term resistance line and could lead to an increase to $0.65. However, if the price resumes its descent, it could drop to the channel’s support line and potentially break down to lows near $0.25.
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