Following the bullish momentum the market has experienced during the month of November, BLUR price has displayed massive price action by adding over 125% in value this month alone. On the other hand, the price has been trading under a bearish influence for about a week, suggesting a possibility of a massive correction in the coming time.
The BLUR price constantly struggled between the consolidated range of $0.2198 and $0.3019, following which the bulls overpowered the bears and the price jumped. With the increasing bearish pressure, the price was rejected at $0.3941 after which it was seen trading sideways for a while.
As the price broke out of the resistance level, the market experienced a short relief, but the price experienced a short in its value following achieving the price tag of $0.450, indicating a liquidating zone in the space.
Following this, the price experienced a plunge of 32% over a period of one week and hovered close to its support level of $0.3019 for a while. After this, the bulls regained momentum and recorded a jump of 65% before being rejected at $0.4993.
The bulls quickly gained back momentum and recorded a jump of another 38% to $0.6880, following which the price experienced a strong bearish turnover, resulting in the price recording a loss of 28%. Presently, the price is hovering close to its level and is expected to make a move soon, of which the outcome is uncertain.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, highlighting a strong bearish influence in the market, but positively the chart shows a decline in averages, suggesting the possibility of a bullish reversal in the market.
Despite the bullish sentiments the market faces a pullback, but if the bulls manage to hold the price above $0.4993, the price is expected to regain momentum and make a run to test its upper limit of $0.6561 soon.
Maintaining the price at that level will set the stage for BLUR price to attempt to test its May high of $0.6880 in the coming month.
Conversely, a drop toward the support level of $0.450 could result in the price losing momentum and if the bulls fail to hold the price, it is predicted to test its lower support level of $0.3941.
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