Blur, an NFT marketplace backed by veteran crypto investor Paradigm, has attracted significant traders’ attention one week after launching. Blur’s native token, BLUR, has recorded a spike in trading volume to about $439 million during the past week. However, the underlying value of the BLUR tokens has declined by nearly 76 percent.
The spike in trading volume has seen Blur marketplace surpasses OpenSea’s daily traded amount. Nonetheless, some analysts argue the company could facilitate wash trading to spike NFT traded volume.
According to the company, there are over 146,823 total users on the Blur NFT platform who facilitated actual volume. However, on-chain data shows Blur token has approximately 45,164 holders with the OKX crypto exchange among them.
BLUR Price Analysis
The Blur token has a market capitalization of approximately $476,422,663, thus making it a low-cap altcoin with huge potential of rallying further during bull markets. The Blur token has been on a rising trajectory in the past few days. A push beyond $1.4 could see the asset scale toward $1.5.
“BLUR is one of the most exciting charts out there. If the bullish structure is not broken, expect this NFTs coin to outperform ETH in the next run,” popular Degen Ape Trader tweeted.
The blue token is, however, to be traded longer for most indicators, including the moving average and the RSI, to show reliable data. With Blur prices having consolidated in the past three days, intraday traders eagerly await a strong breakout on either side before entering the market. Nevertheless, intraday traders should be cautious of stop-hunt winks that depict false breakouts.
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