BLUR, listed on the Upbit exchange, is on the rise. BeInCrypto Analyst Valdrin Tahiri evaluated the latest outlook on short and long-term charts.
According to the daily chart, BLUR price has been losing ground below the descending resistance line since February 24. The popular altcoin, which fell to $ 0.28 on June 10, started to rise at this point.
Stating that the rise gained momentum on June 27, Valdrin states that the price managed to rise above the resistance line, albeit for a short time. However, there is no close above this 133-day resistance yet:
“Daily close above the descending resistance line is necessary for the start of the bullish trend.”
According to Tahiri, the RSI is pointing bullish. Noting that this indicator has increased above 50, the analyst also states that he has broken his own resistance line. Emphasizing that these situations usually occur before the rises, Valdrin states that the short-term chart should be examined for confirmation.
BLUR in the Short Term
Valdrin thinks the two-hour chart does not offer a definitive outlook. The main reason for this is that the BLUR price is moving within the ascending parallel channel. Stating that these channels are considered as correction structures, the analyst emphasizes that they often result in a decline.
“BLUR climbed above the channel on June 27, but failed to hold and fell below it again. This indicates that new lows may come. A pullback to $0.25 is possible. However, if it manages to rise above the channel and hold on again, BLUR could rise as high as $0.65.”