BLUR breaks out from a falling wedge pattern on the 1D chart.
Current price is $0.08924, showing a 4.9% 24h increase.
The breakout projects a 140% potential upward move.
After months of downward pressure, BLUR/USDT has broken out of a falling wedge formation on the daily timeframe. The price action, captured in a clear descending pattern, now shows signs of reversal. At the time of reporting, BLUR trades at $0.08924, marking a 4.9% gain in the past 24 hours. This move takes the asset above the wedge resistance, which had contained price since November 2023.
The price has been in a consistent downward trend channel with new bottoms in late June. Nevertheless, a high buy demand cushioned BLUR with a sharp drive up to the upper tapering of the wedge. The breakout candle closed convincingly above resistance, confirming the pattern's completion.
Price Surges Past Wedge as Traders Eye $0.2150 Upside
Following the breakout, the nearest support level stands at $0.08189. This zone previously acted as consolidation support during sideways movement. Resistance is now seen at $0.09066, just above the current price, and will be closely watched by traders.
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With the pattern now broken, price projection based on the wedge’s height suggests a potential upside move of 140%. The estimated target sits near the $0.2150 mark. This level aligns with the measured move derived from the broadest part of the pattern. Volume indicators show increased activity since the breakout, adding further relevance to the move.
BLUR Breaks Out With Strong Momentum
The intraday price range over the last 24 hours lies between $0.08189 and $0.09066. This demonstrates volatility as price pushes through prior resistance. BLUR has also gained against BTC and ETH, climbing 4.8% and 5.0% respectively. These gains highlight a broader strength across pairings.
Notably, the clean breakout above the trendline aligns with the strongest momentum seen in recent months. Price behavior will remain closely monitored, especially as it approaches key resistance. If volume continues rising, price could remain elevated in the short term.
