The Blur price is taking advantage of the prevailing positive sentiment, seeing a significant surge of almost 45% within a single day, with its current trading value standing at $0.659 as of the time of composing this text. By virtue of this action, BLUR also exhibited the cup-and-handle pattern, a bullish formation that suggests the potential for more upward movement.
The confirmation of the cup-and-handle pattern has occurred subsequent to the successful breach of the $0.632 resistance level by the Blur price on Wednesday. This implies that the alternative cryptocurrency may have a significant surge within the near to intermediate time frame.
According to the current configuration, the projected objective for BLUR is $0.913, a milestone that would need a substantial increase of 94.80% in the price of Blur. The feasibility of this scenario is contingent upon the establishment of the $0.632 threshold as a robust support level.
In the event that the price of Blur experiences a decline along this trajectory, it would not only result in the dismissal of the positive sentiment, but also render BLUR susceptible to a further decrease towards $0.300 or even $0.156. This would effectively eliminate all the recent gains and undermine the validity of the optimistic analysis.
The likelihood of a decrease is reduced.
Upon analyzing on-chain indicators, it becomes apparent that investors exhibited signs of fear subsequent to the Binance incident, resulting in the sale of BLUR tokens amounting to a value above $8.82 million within a single day. Nevertheless, this phenomenon also yielded a favorable impact on the total performance of the investors.
The observed expansion of the network serves as evidence of an increased level of demand. The sharp increase seen in the statistic indicates a significant surge of 1,808% in the creation of new addresses. This trend implies that the project is garnering attention and support from those interested in cryptocurrency. The observed phenomenon might be interpreted as a good indication, as it suggests that newly engaged investors are actively participating in transactions on the blockchain, so contributing to the price dynamics of a given asset.
Additionally, the Market Value to Realized (MVRV) ratio exhibits intriguing patterns. In essence, the MVRV ratio serves as a metric employed to evaluate the mean gain or loss experienced by investors when acquiring an item. The MVRV ratio, calculated over a 30-day period, quantifies the mean gain or loss experienced by investors who acquired an asset over the preceding month.
Regarding Blur, the 30-day MVRV now stands at 45.41%, implying that individuals who acquired BLUR during the previous 30 days have achieved a profit of around 45%. It is probable that these investors may engage in selling their assets in order to realize profits, perhaps leading to a sell-off. According to the data presented in the chart, it can be observed that significant corrections in the BLUR market have occurred when the MVRV (Market Value to Realized Value) ratio falls between the range of 27% to 53%. Therefore, this particular region is referred to be a hazardous area.
Nevertheless, the act of selling would enhance the liquidity of the asset, so enabling it to be acquired by a multitude of new investors, as previously noted. Therefore, this circumstance would demonstrate a positive trend in the price of Blur.
