In this analysis, I will explore Blur, a gaming project, focusing on the daily timeframe to assess its current price action and potential scenarios.
📅 Daily Timeframe: Correction to Dynamic Support
On the daily chart, Blur has been following an ascending trendline that acts as a dynamic support, propelling the price upward after every interaction.
🔍 Recently, the price experienced a fake breakout below this dynamic support, which was quickly followed by increased buying volume and a surge in bullish momentum. As a result, Blur managed to break through the $0.2827 and $0.3314 resistance levels, climbing as high as $0.4438.
🔽 Currently, the price has corrected in two stages and returned to the $0.2827 level, which aligns with the dynamic support. The RSI, after breaking below the 50-level, has supported this deeper correction. If the dynamic support fails to hold and the price trend shifts, the primary support will be at $0.1464.
📈 If the resistance at $0.4438 is breached, the first target is $0.5539, a notable resistance level. The main target is $0.8077, the ATH, which doubles as a critical supply zone due to its significance in price history.
✨ The RSI lacks a clear bullish trigger currently, as no new structure has formed. However, if RSI confirms a bullish momentum resurgence and trading volume increases, the chances of breaking through $0.4438 will significantly improve.
🔑 Market Sentiment and Advice
The market is currently undergoing broad corrections, causing FOMO and uncertainty among traders. However, these pullbacks are natural and essential for sustaining the market’s broader uptrend.
💥 Here’s a reminder for effective trading during volatile times:
Avoid impulsive decisions driven by fear or greed.
Ensure risk and capital management is a priority. Proper management safeguards you from significant losses during corrections, preserving capital for long-term growth.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.