Competitors Blur and OpenSea, decentralized non-fungible token (NFT) marketplaces, are under pressure, down more than 30% from their November peak. While BLUR is on the retreat, on-chain data shows BLUR whales are moving tokens to major cryptocurrency exchanges for liquidation.
Whales On Sale Possible
According to Lookonchain data On December 7, several whales unloaded large quantities of BLUR. For example, in the last 24 hours, 16.85 million BLUR, worth about $8.43 million, was deposited on the exchange.
In particular, one whale deposited 2.54 million BLUR worth $1.26 million received through airdrop into Binance. At the same time, Mandala Capital transferred 2.76 million BLUR worth $1.4 million to OKX.
The flood continued when another whale, identified only by the related “0x68b5” address, withdrew 3.31 million BLUR, worth $1.79 million, from Binance between November 25 and 29 before moving them to the same exchange on December 1. It means you have run out of tokens. It’s down about $65,000.
It is unclear whether the same address will sell for USDT or another token. What is known, however, is that any transfer of whales to a centralized exchange involves liquidation. Therefore, it affects sentiment when whales move coins to exchanges in large quantities, and retailers may interpret this movement of coins as selling pressure.
BLUR rises 220% from October low
Looking at the price action so far, buyers have the upper hand thanks to the top-down preview. The coin is already up 220% from its October lows. Most importantly, looking at the arrangement of candles on the daily chart can give buyers the upper hand.
Although the token is down 30% from its November high, the failure to push the coin below its 20-day moving average (MA) on the daily chart suggests that the upward trend is still in effect. A loss below $0.46 or a base on the current bullish flag could trigger a sell-off. Conversely, an uptick above $0.58 and even above $0.69 (the November high) could drive more demand and push BLUR above $0.84 in the next session.
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It remains to be seen whether the upward trend will resume. But what is clear is that the wider community is closely monitoring the NFT scene and the marketplace, Blur. The recent rise is due to the activation of the Season 2 airdrop, which ended on November 20th.
Prior to this, the token was already up 150% and briefly extended its gains before cooling off in the first week of December.
Featured image from Canva, chart from TradingView