Blur (BLUR) price increased by 30% in the early morning hours but has since regained a significant portion of that increase.
It is possible that the increase occurred due to the UPbit Global exchange included Trading token. Anyway, the price has not confirmed its bullish reversal yet due to its failure to close above the long-term resistance line.
Will BLUR price break out of the 133 day resistance line?
Technical analysis from the daily time frame of BLUR shows that the price has fallen below the descending resistance line since February 24th. The decline led to a decrease of $0.28 on June 10. The price has moved up since then.
The rate of increase accelerated on June 27, causing BLUR price to briefly move above the resistance line. The streak has been in place for 133 days.
However, despite the increase, BLUR has not yet reached a daily close above this line. Doing so is required to confirm an uptrend.
While the price action is not bullish yet, so is the RSI. The RSI is a momentum indicator that traders use to assess whether the market is overbought or oversold and to determine whether to accumulate or sell an asset.
Readings above 50 and bullish indicate that the bulls still have an advantage, while readings below 50 indicate the opposite. The indicator is increasing, above 50, and breaking from the descending resistance line (green icon).
Since the RSI breakout often precedes the price breakout, BLUR price may soon move above the resistance line. However, a look at a lower time frame is required to confirm this.
BLUR Price Forecast: Relief or Reversal?
A close look at the 4-hour chart does not confirm whether the price will break out of the long-term resistance line.
The main reason is that the BLUR price is currently trading within an upward parallel channel. The channel is a corrective pattern, which means that it causes crashes most of the time.
However, BLUR moved briefly above the channel’s resistance line on June 27 before falling below it again. This allows for the possibility that the current upward movement is corrective and new lows will follow.
Therefore, if the price breaks out of the short-term channel, it will also confirm the breakout from the long-term line. In this case, an increase to $0.65 could follow.
However, if BLUR price resumes its decline, it could drop to the channel support line and possibly collapse. After that, declines near $0.25 are expected.
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In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.