- BLUR formed a range in December but broke out beyond it in January.
- The recent bullish impetus across the market was also reflected keenly on BLUR’s charts.
Blur [BLUR] was in a strong uptrend in recent weeks, rising 110% since the 8th of January. It exhibited an uninterrupted bullish market structure on the one-day chart as well.
The technical indicators outlined buyer dominance.
The flip of the $0.55 level to support was achieved in mid-January. A retest in the first week of February was followed by an explosive rally. Could the rally breach the $1 mark?
BLUR continued to break out past key resistance levels
Source: BLUR/USDT on TradingView
The orange dotted lines marked the significant lower highs that BLUR set on its journey downward from $0.7 to $0.15. This downtrend took place from May to October 2023.
In the latter half of October, BLUR managed to break the bearish market structure.
The strong move higher in mid-November was used to plot a set of Fibonacci retracement levels (pale yellow). It showed that the 61.8% and 78.6% retracement levels were tested as support in January.
The recent gains came alongside a rising OBV, and the RSI also reflected bullish momentum. At press time, the 23.6% extension level has been broken.
This meant that the 61.8% and 100% extension levels at $0.93 and $1.07 were the next bullish targets.
The short-term charts showed rising demand for the token
Source: Coinalyze
AMBCrypto also analyzed the lower timeframe charts of futures and spot market data. The Open Interest has climbed swiftly over the past week, from $120 million to $160 million.
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This came alongside BLUR’s surge from $0.7 to $0.81. The Funding Rate was also strongly in favor of the longs.
The spot CVD has also ticked higher in the past five days after trending downward the previous week. This showed that demand was rising in the spot market and could fuel the rally to $1, and likely beyond it too.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
