• Blur’s governance token BLUR has suffered a massive 98% drop in value within just 20 days of its launch.
• Analysis of key momentum indicators has shown no signs of accumulation activity since 14 February, indicating that many of the airdropped users were only interested in profiting from the tokens and selling them off.
• Despite the steady fall in the value of its governance token, Blur continues to record increased user activity and was responsible for 79.6% of the entire market sales volume in the last week.
Blur’s Price Drop
BLUR’s price has dropped by 98% since it launched on 14 February. Blur continues to see increased user activity. Blur’s governance token BLUR has suffered a massive 98% drop in its value within just 20 days of its launch, according to CoinMarketCap data. Following a few months of anticipation, the zero-fee non-fungible token (NFT) marketplace released its governance token on Valentine’s day. As community members began claiming their airdropped tokens and trading the same, BLUR’s price shot up to almost $50 on the same day. However, almost instantaneously, it soon began its descent. At press time, the alt traded at $0.6915.
Profit Lines are Blurred
A look at the alt’s performance on a daily chart revealed that many BLUR holders have since begun distributing their holdings. Analysis of key momentum indicators has shown no signs of accumulation activity since 14 February, indicating that many of the airdropped users were only interested in profiting from the tokens and selling them off. With significant distribution still ongoing at press time, Blur’s Money Flow Index (MFI) rested deeply in the oversold region. It was 16.23 Also, in a downtrend, the Relative Strength Index (RSI) lay below the 50-neutral position at 49.99 Further, Directional Movement Indicator (DMI) confirmed that selling pressure exceeded buying pressure as BLUR sellers had control over market as this writing with positive directional indicator (green), at 17.85 positioned below negative directional indicator (red) at 17/92/ A further decline is expected to push negative directional indicator upward solidifying seller hold on market .As mentioned above ,BLUR clinched highest price level $45 on day it launched .The Aroon Up Line(orange )confirmed this hinting further price drawdown close to zero when uptrend weak most recent high was reached long time ago .
Realistic or not here’s Blurs Market Cap In BTC’s Terms
Blur’s grip on market remains unrivaled while OpenSea falters despite steady fall value govenance token ,Blur continues record increased user activity fact NFT marketplace responsible 79 6 % entire market sales volume last week open sea ,on other hand contributed only 15 % same period .
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