NFT aggregator Blur eyes 30% price pump by March amid airdrop euphoria
Blur (BLUR) could rise up to 30% by March 2023 due to a mix of technical and fundamental factors.
Blurred airdrop hype
Blur is a nonfungible token (NFT) aggregator that indexes digital art listings across various grassroots marketplaces such as LooksRare and OpenSea. By doing this, the aggregator allows users to trade across all NFT’s marketplaces via a single interface.
Since launching in October 2022, Blur has become the leading NFT aggregator, accounting for 40-60% of daily NFT trading volume, according to data tracked by Messari.
The period has also witnessed the Blur team “airdropping” free BLUR tokens to users who have traded Ethereum-based NFTs in the past six months. On February 15, Blur officially launched its original token of the same name, allowing airdrop recipients to exchange it for fiat money and other crypto assets.
According to Dune Analytics, Blue has dropped 360 million tokens across its users. Interestingly, users have claimed nearly 339 million BLUR tokens in the first six days of launch against the 60-day deadline.
Usually, traders dump airdropped tokens early to ensure an immediate profit. Nevertheless, BLUR’s price remains about 25% higher than its market debut price of $0.88, suggesting that most traders have decided to hold it longer.
One reason could be the Blue team’s intention to carry out another airdrop in the coming months. The news coincides with Blur’s Total Value Locked (TVL) metric reaching a record high of 76,490 ETH, according to Defi Llama.
“Blur airdrop reminds me of Uniswap airdrop,” noted independent market analyst Nekoz, adding:
“Early sellers sold for a ps5. Diamond hand sellers sold it for 5 figures. Imo if you don’t need the money just leave it alone. It will be the #1 NFT platform.”
BLUR price Doji reversal
BLUR price techniques also suggest that a bullish scenario is more likely.
On the four-hour chart, BLUR has painted a Doji pattern at the end of its short-term correction phase. It is confirmed by the four-hour candlestick with almost the same open and close levels, and extreme bearish and bullish wicks.
Doji shows indecision among traders about the next market bias. However, along with Blur’s other technical indicators, namely its near-term support level around $1 and a neutral relative strength index (RSI), it looks like the Doji could result in a bullish reversal in the coming weeks.
In other words, the BLUR price may bounce off its $1 support level to see a temporary rally towards $1.21, which has served as resistance and support in recent sessions. Also, a longer rally could push the price to $1.39, or BLUR’s last peak, by March 2023.
Bearish arguments
Despite solid fundamentals, BLUR’s price could see an extended correction below the $1 support level, according to the technical setup shared by analyst Altcoin Sherpa.
The chartist maintains his short-term bullish bias for BLUR, but expects the price to drop towards $0.94 first, saying it “should provide a solid bounce.”
He also argues that BLUR’s market bias will take cues from how Bitcoin (BTC) performs in the coming sessions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
