Altcoin
Another 48M Blur tokens hit the market – What next for BLUR prices?
Blur has climbed to a price level that has not been reached in almost a year, with more of the token coming into circulation.
- Over $35 million worth of BLUR has been unlocked.
- BLUR has maintained its price in the $0.7 region.
Blur [BLUR] recently experienced a token unlock valued in the millions of dollars. Typically, each unlock is accompanied by a pre-unlocking pump, but did that pattern hold in this instance?
Blur unlocks more tokens
Spot On Chain data showed that on 16th February, Blur initiated the unlocking of some of its tokens from its lockup contract. Analysis of the data showed that 48.66 million tokens, valued at over $35 million, were unlocked.
These tokens were subsequently transferred to Coinbase for distribution. With this recent unlock, a total of over 583 million tokens, valued at more than $437 million, have been released thus far.
This unlocking process has been ongoing for nine months, with additional tokens expected to be unlocked in the coming months.
Blur continues pre-unlocking uptrend
Historically, Blur has consistently experienced upward price trends in the days leading up to its token unlock, and this recent occasion followed the same pattern.
An analysis of the daily timeframe chart showed that BLUR began exhibiting upward trends on 5th February. The most significant surges occurred on 13th and 14th February, witnessing an increase of over 15% and trading at approximately $0.74.
Source: Trading View
Additionally, this marked the first time in nearly a year that the price reached this level. Despite a slight decline of over 1% on 15th February, it still maintained the $0.7 price level.
At the time of writing, it was trading at around $0.73, with an increase of less than 1%. Also, the chart showed that it sustained a strong bull trend, as reflected in its Relative Strength Index (RSI). At the time of writing, the RSI was above 65, indicating a strong price trend.
Blur volume continues to decline
Examination of Blur’s trading volume in the last 24 hours showed a noticeable decrease.
Realistic or not, here’s BLUR’s market cap in BTC
termsData obtained from CoinMarketCap showed that the volume has experienced an almost 33% decline during this period. This signifies a substantial reduction in trading activity compared to the previous day.
According to Santiment data at the time of writing, the current volume is approximately $74 million. Additionally, the data showed a declining trend in volume over the past few weeks.
Source: Santiment
