OI & Whale Activity Escalate: BLUR crypto on the edge of RecoverOI & Whale Activity Escalate: BLUR crypto on the edge of Recovery?
A rise in whale transaction activity may signal an impending bullish trend reversal.
The Blur price has started correlating proportionally to the increased OI data curve suggesting an initiation of a new phase.
The Blur crypto has witnessed some signs of hope in the recent sessions after a strong push from the recent demand zone of $0.34 level. Bulls are striving to establish a solid base at this level to pivot the trend in a bullish direction.
With the overall market trending upward, it suggests that Blur crypto might be preparing for a path to recovery. Additionally, significant shifts in Whale activity and Open Interest (OI) data hint at the potential beginnings of a trend reversal.
Let's analyze the o-chain metrics to draw a clear picture about the anticipated price movement ahead.
Whales Activity and OI data highlights the possibility of a recovery
As per the data obtained from the app.santiment.net website, there has been an increment in the whale transactions count. It suggests that these large-scale investors may be accumulating assets in anticipation of a market upswing, which could lead to a price recovery for the cryptocurrency.
Additionally, the Open Interest (OI) data indicates a growing number of open contracts over the past two weeks, coinciding with the price stabilizing near the demand zone. This suggests that a significant number of derivatives traders are adopting a bullish stance in this area.
Furthermore, there's a notable correlation between the BLUR crypto price and the Open Interest data, hinting at a likely upward trend continuation for the cryptocurrency's price.
Can Blur Crypto Reclaim Highs Soon?
Despite the positive signal from the OI data and whale activity data, the price is yet to prove itself on the charts as it still hovers in the same consolidation zone. However, the recent trading sessions have seen a marked increase in buyer activity, suggesting growing market enthusiasm.
Should the price breach the $0.437 resistance level, it could signal a trend reversal and pave the way for further gains, potentially reaching $0.5 and $0.56 levels.
Nonetheless, as long as the price fluctuates between $0.437 and $0.34, the likelihood of continued consolidation and lateral movement remains high.
Conclusion.
Blur (BLUR) crypto shows promise with a strong base forming at the $0.34 demand zone, indicating a bullish trend. Moreover, The market's upward trend and increased Whale and OI activities suggest a potential reversal. Data reveals more whale transactions and growing OI, with prices stabilizing near the demand zone, reflecting a bullish sentiment among traders.
Furthermore, A price surge past $0.437 could confirm a trend shift and target higher levels of $0.5 and $0.56. However, the crypto may continue to consolidate until it is maintained in the range within the $0.34 to $0.437.
