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Blur Price Prediction: Will BLUR Hit $1 Following 534.74M Total Unlocks Since June?

Blur Price Prediction: Will BLUR Hit $1 Following 534.74M Total Unlocks Since June?

Blur price Prediction: Blur, the innovative NFT platform, has seen its governance token, BLUR, soar in value, energizing the crypto market. In recent sessions, BLUR fluctuated between $0.43 and $0.70, marking a substantial 57% rise in a week. This surge reflects growing investor confidence in BLUR, distinguishing Blur in cryptocurrency. The token’s performance indicates a bullish trend and underscores its emerging prominence in the digital asset world.

Blur Price Prediction: Will BLUR Hit $1 Following 534.74M Total Unlocks Since June?
Source: Tradingview

Blur price is trading around $0.7081, showing an 18% increase in the last 24 hours. Over the past month, BLUR’s value has surged by over 50%, indicating strong bullish momentum. This upward trend has seen the token’s price climb from $0.40 to above $0.70, fueling optimism about its future prospects. The consistent rise in BLUR’s price underscores the growing investor interest and confidence in the coin’s potential.

Blur’s Token Unlocks Impact Market with Bullish Implications

Blur’s trading activity has recently seen a staggering increase, with its trading volume soaring over 185%, reaching a significant $567 million. This remarkable growth indicates an escalating interest and active participation in the BLUR market. As per the latest rankings on CoinMarketCap, BLUR holds the 11th position, boasting a live market capitalization of nearly $873 million. This substantial market cap mirrors the escalating investor trust and the token’s enhancing stature in the crypto world.

Blur, the NFT marketplace, has marked another significant milestone in its ongoing series of token unlocks. As of January 16, 2024, Blur released 49.46 million BLUR tokens, which hold an approximate value of $32.55 million. This event is part of a broader trend in the cryptocurrency market, where more than $2 billion in token unlocks are anticipated this January.

49.46M $BLUR($32.55M) was unlocked 2 hours ago.

Since Jun 15, $BLUR has been unlocked once a month and 8 times in total, unlocking 534.74M $BLUR($355.39M).

In 5 of the previous 7 unlocks the price will increase after unlocking.

— Lookonchain (@lookonchain) January 16, 2024

The journey of BLUR price releases began on June 15, 2023. Since then, Blur has systematically unlocked a substantial total of 534.74 million tokens. The cumulative value of these releases is estimated at around $355.39 million. This recent unlock event, the eighth of its kind, highlights Blur’s strategic token distribution approach. In the case of BLUR, these releases could introduce bullish momentum in the short term.

Market Indicators Suggest a Bright Future for BLUR Token

Blur’s market trajectory is at a crucial juncture. If bullish forces push its BLUR token past the $0.90 resistance, a push toward the $1 mark seems likely. Sustaining above $1 could set sights on reaching $1.50. However, if bearish trends take over, a fall below the momentum line could see BLUR dip to a support level of $0.40. These market movements are pivotal in shaping BLUR’s immediate financial journey.

Blur’s market analysis reveals promising signs, as indicated by the Moving Average Convergence Divergence (MACD) indicator. The MACD’s green histogram is on an upward trend, suggesting a dominance of buying pressure over selling. The placement of MACD and signal lines above zero further affirms a bullish market trend.

Blur Price Prediction: Will BLUR Hit $1 Following 534.74M Total Unlocks Since June?
BLUR/USD 1-day price chart, Source: Tradingview

The Relative Strength Index (RSI) has climbed above the 70 mark. While typically, this could signal an overbought condition, in this context, it aligns with the ongoing bullish momentum in the cryptocurrency space. Another positive sign is the positioning of the 20- Exponential Moving Average (EMA) above the 50-EMA), indicating continuing bullish pressure. Additionally, the Chaikin Money Flow (CMF) indicator sits positively at 0.10, highlighting substantial buying interest in the market.

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