Blur: Prices fall by 8%, but NFTs take a different route
- Blur’s NFT trade counts and trade volume in USD remained high last week.
- The token was down by 8%, and most indicators were bearish.
Blur [BLUR] displayed an incredible performance on the price front over the past few days. The token’s price action took off when it announced the closure of its second season of airdrops.
The airdrop had an immediate positive impact on the token’s value, as its price rallied by more than 33% in the last seven days. While the token’s price moved up, its NFT ecosystem also picked up pace.
BLUR’s NFT space is booming
According to CryptoDep’s tweet on the 27th of November, Blur was the top NFT project in terms of social activity. The project boasted more than 2.5 million social intersections and a social dominance of 0.24%.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 27, 2023
AMBCrypto’s check of Santiment’s data revealed that BLUR’s total number of NFT trade counts also remained high last week. Moreover, its NFT trade volume in USD spiked in the recent past.
The NFT marketplace also fared well against its top competitor, OpenSea. AMBCrypto’s analysis revealed that its trade counts were marginally similar to those of OpenSea.
In fact, BLUR managed to outperform OpenSea by a considerable margin last week in terms of trade volume, which looked optimistic.
BLUR’s bull rally has ended
Though its NFT metrics looked promising, the token’s bull rally ended as its daily chart turned red. According to CoinMarketCap, BLUR was down by more than 8% over the last 24 hours.
At the time of writing, it was trading at $0.4855 with a market capitalization of over $539 million.
Buying pressure on BLUR, however, remained high, as evidenced by its Supply on Exchanges, which was lower than its Supply outside of Exchanges. Whales’ confidence in the token was also high, as evident from the hike in its supply held by top addresses.
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AMBCrypto then checked BLUR’s daily chart to better understand the future of its price. Its MACD displayed the possibility of a bearish crossover.
Its Money Flow Index (MFI) and Chaikin Money Flow (CMF) both registered downticks as well, implying increased chances of a continued downtrend in the near term.