Blur made a big splash in the NFT market with its airdrop, which disrupted the balances in the NFT market. But is a new rally on the horizon? The negativity in the price of Bitcoin has led investors to chase altcoins that are performing positively in the market. Can Blur Coin be one of them? Let’s take a look at the current data.
Blur’s radical entry into the NFT market in October 2022 shocked major players in the NFT field. Blur’s zero trading fee model, generous airdrop with copyright payments, and its management token, BLUR, captured a significant portion of the NFT market. However, the recent price drop in the crypto market has greatly affected BLUR’s price movement. While Bitcoin traded between $29,200 and $29,800 last week, BLUR traded between $0.32 and $0.35 before sharply dropping below $0.30 on July 24th.
On-chain measurements indicating downward price movement and weakness for BLUR Coin, along with declining trading volumes, show that buying pressure has exhausted. This negative trend in price leads to a negative price forecast for BLUR in the short and long term.
While Blur continues to challenge market leader OpenSea in the NFT market by releasing new features, its native token does not have the same luck. After successfully launching the token in February, Blur reached a peak of $1.14. The price then dropped to a range of $0.5 to $1 between the end of February and the beginning of April.
A significant downward trend started from the $0.85 price region in mid-April. This caused BLUR to reach an all-time low of $0.28 on June 10th.
Looking at the four-hour price chart, a more volatile price movement emerged. BLUR fluctuated between the 23.6% Fibonacci level ($0.37) and the 50% Fibonacci level ($0.30) before dropping below the 50% Fibonacci level within the last 48 hours. The 50% Fibonacci level ($0.30) has served as an important support for BLUR over the past month. A break below this level, along with oversold Relative Strength Index (RSI), could present a new opportunity for sellers.
The target for sellers would be $0.22, indicating a significant drop from the current price. If this drop occurs due to a Fed excuse, we may see a quick recovery from the bottom. Blur recently announced that the second version of the NFT market will be launched soon.
If the price starts to rise without making a new low, it could reach $0.35 with a $0.05 increase. The next target would be $0.85.