- BLUR’s price fell almost 10% on December 7.
- This was due to increased sell-off by the token whales and institutional investors.
BLUR’s price saw a significant decline during the trading session on December 7, dropping almost 10% in one day.
According to on-chain sleuth Lookonchain, the sharp decline in the altcoin’s value was due to a surge in sales activity from BLUR whales and its institutional investors. On that day, they distributed a total of 16.85 million tokens worth approximately $8 million.
1/ The price of $ FADE dropped ~8% today and we noticed a lot of whale/setting selling $ FADEa total of 16.85 million $ FADE($8.43 million). pic.twitter.com/7MKqrRMq0y
— Lookonchain (@lookonchain) December 7, 2023
Lookonchain discovered that private equity firm Mandala Capital has deposited 2.76 million BLUR tokens worth $1.4 million on crypto exchange OKX. This transaction left the company with a loss of approximately $100,000.
Furthermore, five wallets that received BLUR tokens from Coinbase Custody deposited them on various exchanges via Wintermute. This series of transactions involved 8.24 million BLUR tokens worth over $4.12 million.
Another whale that withdrew some of its BLUR shares from Binance between November 15 and 29 sent them back to the exchange in the last two days, at a loss of $65,000.
There is little interest in keeping BLUR
Although BLUR’s value has seen a small upward correction since then, the price/volume divergence over the past 24 hours indicated the presence of continued bearish sentiments in the token’s spot market.
At the time of writing, the altcoin was exchanging hands at $0.5024, showing a 2% price growth in the past 24 hours, according to CoinMarketCap. However, within the same period, the token’s trading volume has fallen by almost 15%.
The movement of BLUR’s price and trading volume in opposite directions during the same time frame shows a bearish divergence.
This means that a small group of investors may be buying the altcoin to drive up its price, especially after the significant sell-off by the whales. However, there is little broader market interest.
A review of BLUR’s Money Flow Index (MFI) on a daily chart confirmed the low interest in the token. At the time of writing, the value of this indicator was 28.63 and was in a downtrend.
At this value, the token’s MFI indicated that BLUR’s distribution significantly exceeded its accumulation among daily traders.
How many Worth 1,10,100 BLURs today?
Showing that the 2% price increase over the past 24 hours was not supported by any real demand for the token, BLUR’s Aroon Up Line (orange) was at 0% at the time of writing.
This indicator is used to identify the trend strength and potential trend reversal points in the price movement of a crypto asset. When an asset’s Aroon Up Line is near zero, the uptrend is weak. It also suggests that the most recent high was reached a long time ago.
Source: TradingView
