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- BLUR formed a range in December but crossed it in January.
- The recent bullish dynamics across the market are also keenly reflected in the BLUR chart.
Blur (BLUR) has been on a strong run in recent weeks, rising 110% since January 8th. The 1-day chart also showed a steady bull market structure.
Technical indicators explained the dominance of buyers.
The transition to the $0.55 support level was achieved in mid-January. An explosive rally followed the retest in the first week of February. Could the rally break past $1?
BLUR continued to break through key resistance levels.
Source: BLUR/USDT on TradingView
The orange dotted line marks the significantly lower highs set by BLUR in its downward adjustment from $0.7 to $0.15. This downward trend occurred from May to October 2023.
In late October, BLUR succeeded in breaking the bearish market structure.
The strong uptrend in mid-November was used to mark a series of Fibonacci retracement levels (light yellow). January saw the 61.8% and 78.6% retracement levels tested as support.
The recent uptrend has been accompanied by a rise in OBV, with RSI also reflecting bullish momentum. At press time, the 23.6% expansion level had been broken.
This means the 61.8% and 100% extension levels of $0.93 and $1.07 are the next bullish targets.
Short-term charts show increasing demand for the token.
Source: Coin Analysis
AMBCrypto also analyzed sub-period charts of futures and spot market data. Open interest rose quickly from $120 million last week to $160 million.
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This coincided with BLUR surging from $0.7 to $0.81. The funding ratio also strongly favored the buy side.
Spot CVD has also been on the rise over the past five days after trending downward last week. This shows that demand is growing in the spot market and could lead to a rise to $1 and possibly even higher.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.