[ad_1]
Blur, a decentralized non-fungible token (NFT) marketplace, and competitor to OpenSea, is under pressure, falling more than 30% from its November highs. As BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to major crypto exchanges, possibly to liquidate them.
Whales on possible selling frenzy
According to Lookonchain data on December 7, several whales discharged large quantities of BLUR. As an example, 16.85 million BLUR, worth approximately $8.43 million, was deposited on exchanges in the last 24 hours.
Notably, one whale deposited 2.54 million BLUR, worth $1.26 million, received from the airdrop to Binance. At the same time, Mandala Capital transferred 2.76 million BLUR, worth $1.4 million, to OKX.
The deluge continued as another whale, marked only by the associated address “0x68b5”, withdrew 3.31 million BLUR worth $1.79 million from Binance between the 25th and November 29 before moving them to the same exchange on December 1. was down about $65,000.
It is unclear whether the same addresses are sold for USDT or other tokens. However, what is known is that any whale transfer to a centralized exchange is associated with liquidation. As a result, sentiment is affected when whales move coins in large lots to exchanges, and retailers could interpret their transfers as incoming selling pressure.
BLUR is up 220% from October lows
So far, when it comes to price action, buyers have gained the upper hand through top-down insight. The coin is already up 220% from October lows. More importantly, buyers have the upper hand, looking at the arrangement of the candlesticks in the daily chart.
Even though the token is down 30% from November highs, the bears’ inability to force the token below the 20-day moving average (MA) in the daily chart suggests that the uptrend is still valid . Losses below $0.46, or the base of the current bull flag, could trigger a selloff. Conversely, any rise above $0.58 and even $0.69 – or the November highs, could lead to increased demand, taking BLUR to $0.84 or higher over the next few months. next sessions.
Related reading: Binance CEO disputes JPMorgan chief’s criticism of crypto
It also remains to be seen whether the upward trend will resume. What is clear, however, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent recovery is due to the activation of Season 2 Airdrop, which ended on November 20.
Before that, the token was already up 150%, only to briefly extend its gains before calming down during the first week of December.
Featured image from Canva, chart from TradingView
[ad_2]
Source by [author_name]