The crypto world is talking about the recent significant increase in the price of Bluzelle (BLZ), which has managed to attract attention with its occasional surges. Looking at BLZ’s recent performance, it is seen that the popular altcoin has made a strong increase of over 70% in the last 24 hours with the strength it has gained from the weekly demand zone.
BLZ’s Price May Race to $0.14
According to CoinMarketCap data, BLZ is currently trading above the critical level of $0.10 for traders and investors, at $0.113. Breaking the primary resistance trend line around $0.10 results in a significant increase in momentum, which confirms a strong uptrend. According to technical analysis, the breakthrough of such an important resistance trend line usually indicates the beginning of a major uptrend. Currently, the price increase of BLZ is fueled by this major uptrend.
Crypto analyst VECTOR PRIME had pointed out in his Bluzelle analysis just before this surge that $0.0720 was an important resistance trend line and predicted that after breaking this line and successfully retesting it, the price could surpass the resistance zone around $0.10 and visit the previous peak at $0.14. VECTOR PRIME’s analysis indicates that the surge in BLZ could continue to at least $0.14 and beyond.
Meanwhile, with the significant increase in BLZ’s price, its volume in futures trading has exceeded $2.4 billion in the last 24 hours. The open interest in futures trading for the altcoin has surpassed $75 million, reaching a record high, while the annual negative interest rates on Binance and Bitget exchanges have reached 2,700%.
What is Bluzelle (BLZ)?
For those who are unfamiliar, Bluzelle is not just a simple altcoin project. Bluzelle is a decentralized storage network adapted for a creative economy that acts as the driving force behind its ecosystem. BLZ is the service token of the network and serves multiple purposes.
The main services provided by BLZ include making payments for transactions on the network, accessing BluzelleDB and Oracle services, staking to earn rewards, participating in network governance, and being part of processes that will influence the platform’s future direction. The validator side of Bluzelle is the backbone of the platform, ensuring both network security and decentralization.
