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Blur (BLUR) token reflected a strong upward trend in the past weeks, with a 110% increase since January 8 that did not escape investors’ attention. The daily price charts showed an uninterrupted upward trajectory. Technical indicators revealed the strength of the buyers, contributing to the price movement in mid-January, turning the $0.55 level into support. Following a retest of the region in February, an explosive price rally occurred.
BLUR Price Trajectory
As reflected in the graph below, BLUR’s journey from $0.7 to $0.15 highlighted significant levels. This downward trend continued from May 2023 until October 2023.
When the calendars marked the second half of October 2023, BLUR reversed its bear market structure. A strong rise in November marked a series of Fibonacci retracement levels (pale yellow). In January, the 61.8% and 78.6% retracement levels were tested as support levels.
The recent price increases were accompanied by a rise in the OBV, and the RSI also indicated the uptrend. At the time of writing, the 23.6% extension level had been surpassed.
This situation suggested that the 61.8% and 100% extension levels at $0.93 and $1.07 could be potential price targets.
Short-Term Charts and Outlook
On the other hand, lower time frame charts of spot market data for futures were also analyzed. During this process, the open interest rate surged rapidly from $120 million to the $160 million region last week.
This occurred as BLUR rose from $0.7 to $0.81. During this period, the Funding Rate for BLUR specifically seemed to favor investors positioning for the long term.
On the Spot CVD front, last week’s downward trend was disrupted, but it then resumed its rise over the past five days. This indicated an increased market demand for the altcoin on Blur’s side, suggesting a potential rise to $1 or beyond.
Meanwhile, BLUR’s 24-hour chart showed a sharp 7% drop. BLUR’s price continues to trade at the $0.75 level.
