Blur Price Prediction: BLUR Slips 3% and Is at Risk of Falling Below a Positive Trend Line

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The Blur price slipped more than 3% over the past 24 hours to trade at $0.5926 at press time as investors started to realize their profits.

The Blur Price Testing a Key Trend Line

4-hour chart for BLUR/USDT (Source: TradingView)

The Blur price slipped below a medium-term positive trend line that had formed on its charts earlier in today’s trading session. Bulls are, however, trying to keep the altcoin’s value above this significant line. A 4-hour candle close below this trend line will lead to the Blur price retesting the $0.5810 support in the following few hours.

Should sellers exert enough pressure to drag BLUR below this support level, the crypto will be exposed to the risk of correcting all the way down to the subsequent support level at $0.5265 in the short term.

This bearish thesis could be invalidated if the Blur price is able to stay above the positive trend line for the next 12 hours. In this alternative scenario, the altcoin may ascend towards the major resistance level at $0.6520. With enough pressure from buyers, BLUR could even overcome this level to flip it into support.

Technical indicators on BLUR’s 4-hour chart suggested that the altcoin’s price may drop in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bearish.

Technical Indicators Are Contradicting Each Other

The main indicator that investors and traders will want to keep an eye on is the MACD Histogram, as its slope is currently negative. This suggests that BLUR’s bearish trend may continue for at least the next 24 hours. On the other hand, the RSI was closing in on its Simple Moving Average (SMA) line. This suggests that buyers were growing stronger against sellers on BLUR’s 4-hour chart. Should the RSI cross above the SMA line in the next 12 hours, BLUR’s negative trend may undergo a bullish reversal. This will ultimately lead to the Blur price climbing in the following 24 hours

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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