The news of Blur, which just seen a sharp 30% increase in price, has the cryptocurrency industry buzzing. The aftermath of the Season 2 airdrop is strongly related to this abrupt increase in value. Observers of the market have seen a noteworthy purchasing frenzy in which 19 addresses acquired 51.3 million BLUR tokens in total, representing an astounding $21 million investment in the commodity.
A closer look at the technical charts provides further insight into this phenomena. Prior to the pump, the price movement of BLUR displayed a consolidation pattern while trading below a significant resistance level. Large stakeholders have taken significant stakes in BLUR, probably because they perceive long-term value, as seen by the amount of tokens bought after the airdrop. This indicates a strong positive mood.
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As additional investors became aware of the increase in activity, they may have joined the purchasing momentum that followed the airdrop. This kind of fluctuation is common in the cryptocurrency space, where important transactions and news may cause asset values to fluctuate quickly.
An interesting scenario for BLUR may be seen in the chart analysis after the pump. Traders should search for possible zones where a price correction or reversal may happen following such a significant price surge. During the pump, a momentum indicator called the Relative Strength Index (RSI) had moved into overbought territory, a sign that usually signals a pullback as traders book profits.
It will be important to keep an eye on the immediate support level, which is now where the breakout started. If the price of BLUR stays above this level of support, it may mean that the market has priced in the impact of the airdrop and is setting a new floor price. If this level is not able to hold, there may be a retracement to the next major support zone, providing another chance for those who missed the first wave to purchase.
