Blur (BLUR) could increase by up to 30% by March 2023 due to a combination of technical and fundamental factors.
Blur airdrop hype
Blur is a non-fungible token (NFT) aggregator that indexes digital art listings on various underlying marketplaces such as It looks rare and Open sea. In doing so, the aggregator allows users to trade across all NFT marketplaces through a single interface.
Since its launch in October 2022, Blur has become a leading NFT aggregator, accounting for 40% to 60% of daily NFT trade volume, according to data tracked by Messari.
This period also saw the team Blur”Airborne” free BLUR tokens for users who have traded Ethereum-based NFTs in the past six months. On February 15, Blur officially launched its native token of the same name, which allows airdrop recipients to trade it for fiat money and other crypto assets.
According to Dune Analytics, Blue dropped 360 million tokens among its users. Interestingly, users claimed nearly 339 million BLUR tokens in the first six days of launch versus the 60-day deadline.
Typically traders discard the discarded tokens early to ensure immediate profit. However, the price of BLUR remains around 25% higher than its market debut price of $0.88, indicating that most traders have decided to hold it longer.
One of the reasons may have been the intention of the blue team to conduct another landing in the following months. The news coincides with Blur’s Total Value Locked (TVL) metric reaching an all-time high of 76,490 ETH, according to Defi Llama.
“Blur airdrop reminds me of Uniswap airdrop,” he remarked independent market analyst Nekoz and adds:
“The first sellers were selling for ps5. The diamond hand sellers were selling it for 5 figures. If you don’t need the money, just chill with it. It will be the #1 NFT platform.”
BLUR Price Doji Reversal
BLUR price technicals also suggest that a bullish scenario is more likely.
On the four-hour chart, BLUR plotted a Doji pattern at the end of its short-term correction phase. This is confirmed by the 4-hour candlestick with almost identical open and close levels and extreme bearish and bullish wicks.
The Doji shows indecision among traders about further market distortion. But in conjunction with Blur’s other technical indicators, namely its short-term support level around $1 and neutral relative strength index (RSI)It looks like the Doji may lead to a bullish reversal in the coming weeks.
In other words, BLUR price may bounce off its $1 support level and watch a temporary rise towards $1.21, which served as resistance and support in recent sessions. Additionally, an extended rally may push the price to $1.39, the recent BLUR high, by March 2023.
Bearish arguments
Despite solid fundamentals, BLUR price may see an extended correction below the $1 support level, according to a technical setup shared by Altcoin analyst Sherpa.
The chartist maintains his short-term bullish bias for BLUR, but expects its price to drop to $0.94 first, saying it “should provide a solid bounce.”
He also claims that BLUR’s market bias will be based on how Bitcoin (BTC) will perform in the upcoming sessions.
This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.
