Journalist
Posted:
- Whale activity around BLUR remained high as they purchased more tokens.
- Some market indicators pointed to a trend reversal.
It’s been a few days already Fade [BLUR] announced the conclusion of its second season of airdrops. The airdrop had an immediate positive effect on the token’s value as its price rose in recent days.
Meanwhile, a whale pulled millions of BLUR tokens from an exchange, indicating that buying pressure on the token remained high.
Blur investors are happy
Since the airdrop, the price of the token has increased significantly.
According to CoinMarketCapBLUR has risen more than 36% in the past seven days.
In fact, the price of the token has increased by more than 28% in the last 24 hours alone. BLUR’s trading volume also increased by 80%, acting as the basis for the price uptrend.
Interestingly, when the price of the token rose, a whale withdrew 15 million BLUR tokens, worth over $5 million, from OKX.
This clearly suggested that the whale had confidence in BLUR and expected the price to rise further.
We noticed a whale pulling out 15 million $ FADE($5.72 million) from #OKX in the last hour and turned it off.https://t.co/aKXreuSDPa pic.twitter.com/ShN5CNtLZ3
— Lookonchain (@lookonchain) November 22, 2023
AmBCrypto’s analysis showed that not just one, but several whales were interested Fade. This was evident from the increase in the number of whale transactions in recent days.
The supply of the token in top holdings also increased, further demonstrating that whales had high expectations for BLUR.
Source: Santiment
Investors in general also followed a similar accumulation trend. The token’s outflows rose sharply during the rising price trend.
Moreover, the total number of holders recorded a huge spike, indicating that retail investors were buying the token. Nevertheless, supply on the exchanges increased, which can be attributed to the recent airdrop.
Will BLUR continue its rally?
AMBCrypto’s analysis of BLUR’s daily chart showed that the price reached the upper limit of the Bollinger Bands. The Relative Strength Index (RSI) entered the overbought zone, which could increase selling pressure on the token.
Source: TradingView
Realistic or not, here it is BLUR’s market cap in BTC conditions
However, the MACD showed a bullish crossover, indicating that the token could continue its bull rally. On top of that, Fade‘s open interest rose sharply along with the price.
When open interest rises, it increases the chance that the current price trend will continue.
Source: Coinglass