Blur, the NFT market’s new darling, has seen its native token, BLUR, fail to capture the bulls’ imagination. The token has dropped 85% from its record high of $1.40 in February 2023, and may decline further in the year due to a slew of negative catalysts. These include an increase in BLUR token transfers to crypto exchanges, a bear flag formation, and fears of a rate hike dampening BLUR boost expectations.
Investors have been transferring their BLUR tokens to exchanges since June 2023, with the cumulative US-dollar equivalent amounting to nearly $91.5 million as of Aug 29. This oversupply of BLUR tokens against what appears to be a low-demand market has pressured its prices lower.
The coin’s recent consolidation period has also painted a bear flag, a bearish continuation pattern that forms when the price trends upward or sideways inside a parallel channel after undergoing a strong downward move. This could lead to a 20% decline in the price of BLUR to $0.159 in September 2023.
Finally, higher interest rates have been historically bearish for cryptocurrencies, and the Federal Reserve’s potential rate hike could further pressure BLUR prices until the next FOMC meeting on Sep 19-20.
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 8 |
| People | Jerome Powell, |
| Companies | NFT, FOMC, Arkham Intelligence, OpenSea, Federal Reserve |
| Currencies | Bitcoin, US Dollar, Ethereum, nft, blur |
| Securities | None |
