Blur’s token plummets by 98% in 20 days; will OpenSea make a comeback?
Blur’s governance token BLUR has suffered a massive 98% drop in its value within just 20 days of its launch, according to CoinMarketCap data.
Following a few months of anticipation, the zero-fee non-fungible token (NFT) marketplace released its governance token on Valentine’s day.
As community members began claiming their airdropped tokens and trading the same, BLUR’s price shot up to almost $50 on the same day.
However, almost instantaneously, it soon began its descent. At press time, the alt traded at $0.6915.
Is your portfolio green? Check out the Blur Profit Calculator
A look at the alt’s performance on a daily chart revealed that many BLUR holders have since begun distributing their holdings.
Analysis of key momentum indicators has shown no signs of accumulation activity since 14 February, indicating that many of the airdropped users were only interested in profiting from the tokens and selling them off.
With significant distribution still ongoing at press time, Blur’s Money Flow Index (MFI) rested deeply in the oversold region. It was 16.23.
Also, in a downtrend, the Relative Strength Index (RSI) lay below the 50-neutral position at 49.99
Further, the Directional Movement Indicator (DMI) confirmed that selling pressure exceeded buying pressure as the BLUR sellers had control of the market as of this writing.
The positive directional indicator (green), at 17.85, was positioned below the negative directional indicator (red) at 17.92. A further decline in buying momentum is expected to push the negative directional indicator upward, solidifying the sellers’ hold on the market.
As mentioned above, BLUR clinched its highest price level of $45 on the day it launched. The Aroon Up Line (orange) at 7.14%
Read more on ambcrypto.com
