While the market has been in a positive mood in recent weeks, many altcoins are taking various steps to take advantage of this opportunity. As the price of Bitcoin hovers above $37,000, the BLUR Coin team has recently announced a surge. So, what will happen next?
In February, the price of Blur Coin fell below the support line and dropped to $0.15 on August 17. However, Blur Coin, which has multiplied its price this year and joined the ranks of altcoins, created a higher low on October 12 and broke the 245-day resistance line days later. As mentioned before, breaking such long-term resistances can open the door to parabolic rallies.
Blur Coin reached a peak of $0.54 with a 225% increase in the last 42 days. It is currently trading at $0.523. The reason for the surge is the partnership established with the Blast Layer2 solution to allocate an airdrop for Season 3. Additionally, Blur has risen in the NFT market and has become the largest NFT credit protocol.
The price of BLUR Coin has surpassed the $0.4 resistance area and investors have rallied with the support of positive news about the project. If the price can stay above the important support zone of $0.4 in the coming days, the rally is likely to continue. Furthermore, the partnership announcement can keep investors interested for a long time beyond a short-term demand withdrawal.
At the time of writing, closures above the resistance were continuing. So, what is the expected price for BLUR Coin in a positive scenario? If the rally continues, the next resistance will be $0.78, and the psychological resistance level of $1 can be targeted above that.
If there is a deterioration in the overall market sentiment or the resistance zone is lost due to accelerated profit realization by Blur Coin investors, a downward momentum may be gained. In this case, a drop to the nearest support level of $0.25 is expected. This represents a loss of over 50%. In such a strong selling wave, it would not be surprising for BTC to fall below $35,000.