BLUR remains at the walls of a bearish stronghold
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- BLUR noted large gains in November.
- Traders must battle FOMO and wait before assessing swing trade opportunities in the BLUR market.
Blur [BLUR] witnessed massive gains over the past week as it pushed from $0.22 to $0.39, a move that measured 74%.
The altcoin market capitalization (excluding Ethereum [ETH]) rose from $318 billion a month ago to $393 billion at press time, which meant most coins have embarked on strong uptrends.
BLUR managed to breach a crucial resistance level at $0.234. Its move above $0.198 on 24 October flipped the market structure on the daily timeframe bullishly. The buyers have pressed the attack since.
Can BLUR bulls breach the $0.38 resistance level soon?
The RSI on the one-day chart was at 78.7 and the On-Balance Volume saw a wild rally over the past three weeks. This meant the upward momentum was intense and the buying volume was overwhelming.
The Chaikin Money Flow (CMF) was also at an extraordinarily high value at +0.34 indicating heavy capital inflow to the BLUR market.
The Open Interest chart has trended higher since the latter half of September, slowly at first before a huge jump on the 18th of October. On that day, BLUR tested the $0.198 level.
In the coming days, a dip to $0.317-$0.32 or $0.35 could take place. It would likely be followed by a bounce given the bullish market structure.
Does the lower timeframe chart support the idea of a dip?
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The Open Interest (OI) of BLUR began to falter in the past 24 hours. The spot CVD appeared to have plateaued for now. A move higher on the CVD chart would indicate an increase in demand in the BLUR spot market. It would tip bulls off that another move higher could be brewing.
As things stand, BLUR has formed a short-term range between $0.351 and $0.387. Traders can wait for a move out of this range to help decide whether a retracement to $0.315 or $0.3 could occur, or whether a breakout past the $0.38 resistance to $0.44 was about to materialize.