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Market sentiment has been positive for weeks, and most altcoins are taking various steps to take advantage of this opportunity. While the price of Bitcoin continues to stay above $37,000, the BLUR Coin team has started to rise with the announcement we shared hours ago. So what’s next?
Why is Blur Coin Rising?
In February, the price fell below the declining resistance line, hitting a bottom of $0.15 on August 17. Blur Coin has joined the altcoins that have multiplied their prices this year. On October 12, the price formed a higher bottom and broke the 245-day resistance line days later. Breakouts from such long-term resistances can open the door to parabolic rallies, as we have mentioned many times before.
In the past 42 days, the price of Blur Coin has reached a peak of $0.54 with a 225% increase. At the time of writing, it is being traded at $0.523. The reason for the rise was the partnership established with the Blast layer2 solution to allocate an airdrop for Season 3. Blur, which has risen in the <a href="https://en.coin-turk.com/bored-ape-yacht-club-nfts-hit-20-month-low-amid-market-downturn/”>NFT market, has also become the largest NFT lending protocol.
BLUR Coin Price Prediction
The price has risen above the $0.4 resistance area, and investors have started to rise with the support of positive news about the project. If the price can stay above the important support area of $0.4 in the coming days, the rally is likely to continue. Moreover, the partnership announcement can keep investors interested for a long time, beyond a short-term demand pullback.
Closes above the resistance were continuing at the time of writing. So, what price is expected for BLUR Coin in a positive scenario? If the rally continues, the next resistance is at $0.78, and above that, the psychological resistance level of $1 can be targeted.
However, if there is a deterioration in the general market sentiment or if the resistance area is lost due to accelerated profit-taking by Blur Coin investors, the decline can gain momentum. In this case, the price is expected to drop to the nearest support level of $0.25. This represents a loss of over 50%. In such a strong selling wave, it would not be surprising if BTC falls below $35,000.
At the time of writing, BTC is above $37,270.
