BLUR price prediction: Can new developments spark bullish rally?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- BLUR’s bearish swing has seen the token sink to new lows.
- However, the launch of new marketplace features could revive interest.
Blur’s [BLUR] radical entry into the NFT marketplace in October 2022 sent shockwaves across major players in the NFT space. Blur’s zero-trading fee model, royalty payments, and generous airdrop of BLUR, its governance token, saw it capture a significant portion of the NFT market.
Read Blur’s [BLUR] Price Prediction 2023-24
However, the recent price slump in the crypto market has weighed heavily on BLUR’s price action. With Bitcoin [BTC] trading within the $29.2k to $29.8k range over the past week, BLUR also traded within a compact range of $0.32 to $0.35 before a sharp drop on 24 July took it below $0.30.
The bearish price movement and declining on-chain metrics for BLUR suggested exhaustion of buying pressure, alongside declining trading volumes. This BLUR price prediction looks at various possibilities for traders/investors in the short and long term.
Blur marketplace and token experience contrasting fortunes
Even though Blur’s NFT marketplace continues to release new features whilst challenging the market leader, OpenSea, its native token hasn’t enjoyed the same fortune. After a successful launch of the token in February, Blur reached a high of $1.4. Afterward, the price descended into the $0.5 to $1 range between late February to early April.
Mid-April saw the start of a significant downtrend from the $0.85 price zone. This saw BLUR reach an all-time low of $0.28 on 10 June. Despite BLUR’s valiant efforts at recovery, the price has remained close to its all-time low.
A look at the price chart over the four-hour timeframe revealed more ranging price action. BLUR oscillated between the 23.6% ($0.37) and 50% ($0.30) Fib levels before a break below the 50% Fib level over the past 48 hours.
The 50% Fib level ($0.30) has served as a key support for BLUR over a month-long period. A break below the level, along with an oversold Relative Strength Index (RSI), could offer a new opportunity for sellers.
Sellers can enter the press time level with targets at 61.8% Fib ($0.27) and 78.6% Fib ($0.22) in the short term. With the Chaikin Money Flow (CMF) deep in negative territory, sellers might not encounter any bullish reversals.
Decline in key trading metrics could lead to further price dips
The on-chain metrics provided a grim outlook, according to aggregated NFT marketplace data from Dune Analytics. Blur’s marketplace daily/weekly trading volumes for NFTs were eclipsed by OpenSea in July. Also, Blur’s marketplace saw a sharp decline in the number of daily/weekly active users.
A further drop in these key trading metrics could lead to steeper losses for BLUR.
Any hope for bulls on the higher timeframes?
The 12-hour chart provided a glimmer of hope for the bulls. BLUR could potentially find support at the 100% Fib level ($0.21) in the coming weeks. If this scenario plays out, bulls can look to rally toward the 78.6% Fib level ($0.35).
However, the $0.30 will be a key obstacle that will need to be scaled for a significant rally.
On the positive side, the Chaikin Money Flow (CMF) climbed toward the zero mark. This hinted at long-term traders buying up liquidity at lower prices. Therefore, a dip to the $0.21 price level will present a low-risk buying opportunity for bulls.
Launch of new platform features could bring back volatility
Blur recently announced the launch of the second version of its NFT marketplace on 5 July. Blur v2 will see NFT trades use 50% less gas and offer trait bidding on its NFTs. The launch of Blur v2 along with Blend, its peer-to-peer lending protocol for NFTs, could revive interest and ramp up its trading volumes.
How much are 1,10,100 BLURs worth today?
While the market sentiment around BLUR remained negative, the case for buying BLUR at press time was quite strong. A bullish price prediction for BLUR in the near term would take it toward the $0.35 price zone.
This could see a massive influx of buyers with a target of reaching the April high of $0.85.