Blur Token Price Surges: A Bullish Breakout
The BLUR token has experienced a significant surge in price, increasing by 115% and breaking through the resistance of an inverted head-and-shoulder pattern. This bullish pattern indicates a potential market bottom and suggests that buyers are ready for a prolonged recovery phase.
The announcement of Binance listing the BLUR token has likely contributed to this price appreciation. Trading pairs such as BLUR/UTC, BLUR/USDT, and BLUR/TRY will be available on Binance starting November 24th.
Ascending Triangle Pattern Signals Higher Recovery
- An ascending triangle pattern is a bullish indicator, showing increased underlying bullishness as higher lows are reached.
- Holders of Blur can maintain a bullish sentiment as long as the support trendline remains intact.
- The intraday trading volume for Blur is $929 million, indicating a 2.3% gain.
Source- Tradingview
Although the Blur token has shown mostly sideways movement over the past five months, a closer look at the daily chart reveals the formation of an inverted head-and-shoulder pattern. This pattern, combined with the overall market recovery, has propelled the BLUR price from $0.15 in mid-October to a peak of $0.627, representing a growth of 316%. The recent breakout from the pattern’s resistance neckline suggests a potential trend reversal.
If buying momentum continues, it is possible for the BLUR token price to increase by another 28%, targeting the $0.8 mark. Breaking above the $0.08-$0.082 resistance zone is crucial for surpassing the $1 threshold.
Fibonacci Retracement Tool for Support
During its rally, BLUR has experienced corrective phases that have strengthened its bullish momentum. These corrections tend to retrace to either the 32.8% or 50% Fibonacci retracement levels before bouncing back. Therefore, if a future retracement occurs, these Fibonacci levels, especially the 50% level, can be strategic points for setting stop-loss orders.
- Average Directional Index: The ADX slope currently stands at 34%, indicating potential buyer exhaustion and a possible corrective phase.
- Exponential Moving Average: The 20-day EMA is expected to provide strong support during a pullback, reinforcing the token’s bullish sentiment.
Hot Take: BLUR Token Shows Promising Growth Potential
The BLUR token has demonstrated impressive growth, breaking through a bullish pattern and benefiting from market recovery. With Binance listing the token and potential further price appreciation, there is optimism for continued upward movement. Traders should monitor key support levels and consider utilizing the Fibonacci retracement tool for strategic trading decisions.
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