Blur (BLUR) Token Price Drops 10% After Monthly Unlock, Enters Oversold Conditions

Blur, the decentralized NFT marketplace, saw significant market activity following its monthly token unlock. This month, 34.41 million BLUR tokens

A portion of the monthly unlocked Blur (BLUR) tokens was moved to Coinbase Prime on Monday, as observed by Footprint Analytics. This batch of tokens, valued at about $11.06 million at the current transfer rate, was moved 20 minutes after the last batch.

Since the unlocking cycle began on June 15, roughly 31.6% of the total BLUR supply (949 million tokens) has entered Coinbase Prime. This equates to $323.1 million at the present transfer value.

A total of 34.41 million BLUR tokens, were unlocked and transferred to Coinbase Prime, as Footprint Analytics data shows. At the time of the transfer, these tokens were valued at around $11.06 million, based on the current market price.

The continuous token unlocking has a significant influence on BLUR's market behavior, which has been trending downward. The token’s price fell by 10.18% in the last 24 hours, reaching $0.3172. This drop mirrors the broader market sentiment, with the token facing consistent downward pressure. The market cap also fell to $659.33 million, a decrease of 10.09%.

However, the trading volume increased by 14.32% to $130.86 million. This rise, coupled with the price decline, indicates higher trading activity and intensifying selling pressure.

Blur's recent price movement has seen a struggle to maintain key support levels. The token encountered high resistance at $0.3532, which the price failed to break through. This resistance zone pushed the price down, reinforcing the bearish sentiment.

On the other hand, the token's current support level is at $0.32. The price has tested this level several times, suggesting it could hold. If this level remains intact, a short-term rebound is possible.

However, if the price falls below $0.32, the next level to watch is $0.31. This could signal a deeper decline. For a bullish reversal, BLUR needs to reclaim and hold above $0.35.

Blur's short-term momentum is bearish, with a 1-day RSI of 43.09. This suggests the asset is approaching oversold conditions but is not at extreme levels yet. Also, the 1-day MACD is below the signal line, confirming the downward momentum.

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