BLURUSDT Archives

20th February 2024

Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound.

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens.

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC.

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May.

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins.

Highlighted Altcoins And Their Catalysts

BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.

SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements.

Altcoins

Featured image from Shutterstock, chart from TradingView.com

8th December 2023

BLUR Is Down 30%, And Whales Are To Blame–Here’s Why

Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate.

Whales On A Possible Selling Spree

According to Lookonchain data on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 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.

Mandala Capital sends BLUR to OKX | Source: Lookonchain via X

The deluge continued as another whale, only marked by the associated “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from Binance between November 25 and 29 before moving them to the same exchange on December 1. The token had fallen, meaning the whale was down by roughly $65,000.

It is unclear whether the same addresses are sold for USDT or other tokens. However, what’s known is that any whale transfers to a centralized exchange is associated with liquidation. Accordingly, sentiment is impacted when whales move coins in large batches to exchanges, and retailers could interpret their transfers as incoming selling pressure.

BLUR Is Up 220% From October Lows

Thus far, looking at price action, buyers have the lead from a top-down preview. The coin is already up 220% from October lows. Most importantly, buyers have the upper hand, looking at the candlestick arrangement in the daily chart.

Even though the token is down 30% from November peaks, the failure of bears to force the coin 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, might trigger a sell-off. Conversely, any upswing above $0.58 and even $0.69–or November highs, could drive more demand, lifting BLUR to $0.84 or higher in the coming sessions.

Whether the uptrend will resume also remains to be seen. What’s clear, though, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent upswing was due to the activation of Season 2 Airdrop, which ended on November 20.

Ahead of this, the token was already up 150%, only to extend gains briefly before cooling off in the first week of December.

25th November 2023

Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.

Sigil Fund Sells BLUR For IMX And LDO

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.

The swap comes roughly three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days.

To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.

The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX.

In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.

LDO and IMX Are Key For DeFi And NFT

As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.

In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.

23rd November 2023

Crypto Expert’s Picks: 5 Cryptos To Buy, HODL, Or Sell Now

Renowned crypto expert and Forbes’ Director of Digital Asset Research, Steven Ehrlich, has provided insights on five prominent cryptocurrencies in the current market landscape.

Solana Shakes Off Setbacks, Positioned As Top Crypto To Buy

Bitcoin BTC), the most prominent cryptocurrency, has experienced a remarkable 120% surge in 2023. After a long wait for Securities and Exchange Commission (SEC) approval of a Bitcoin exchange-traded fund (ETF), recent developments indicate that a Spot Bitcoin ETF could finally get the green light by January, as many in the crypto community have predicted, according to Ehrlich.

Introducing Bitcoin ETFs is anticipated to generate significant demand from mainstream investors, contributing to a potentially bullish environment. Furthermore, the impending fourth halving event in April, which reduces block rewards and slows down supply, adds to the positive outlook for Bitcoin.

While Ethereum (ETH), the second-largest cryptocurrency, has demonstrated substantial growth historically, its performance this year has been comparatively modest, with a 65% increase.

Crypto

Concerns about regulatory ambiguity in the United States, particularly as it relates to tokens like Ethereum, have dampened investor confidence. In addition, despite a major upgrade aimed at improving efficiency and reducing energy consumption, Ethereum’s growth in key metrics, such as transactions per second and active users, has been underwhelming; for these reasons, Ehrlich believes investors need to hold ETH tokens.

Solana (SOL), on the other hand, often referred to as the “Ethereum killer,” suffered setbacks following the collapse of FTX in 2022. However, the stigma surrounding Solana has dissipated, leading to an impressive 313% gain this year.

According to Ehrlich, Solana stands out for its “robust technology,” capable of processing thousands of transactions per second and potentially reaching 50,000 transactions per second. As such, Ehrlich believes this is a buy signal for SOL.

Binance Coin At Crossroads

Binance’s native token, BNB, experienced significant growth, reaching a peak value of $100 billion. However, recent developments, including Binance founder Changpeng Zhao’s guilty plea, substantial fines, and his decision to step down as CEO, have instigated a decline in BNB’s value.

While BNB’s utility within the Binance ecosystem and rebate mechanisms for traders may provide some support, concerns arise if traders abandon the exchange en masse.

Given these developments, BNB’s future remains uncertain, and Ehrlich believes that BNB could fall even further, stating that investors should consider selling the token.

Crypto

Blur, a marketplace focused on non-fungible tokens (NFTs), has emerged as a strong contender in the NFT market. As the largest marketplace for Ethereum-based collections, Blur rewards users with its native token, BLUR, based on trading volume and provides voting rights for platform governance.

While NFT trading experienced a slump this year, recent signs of recovery, along with notable brands such as Disney and Nike embracing NFTs, indicate a potential rebound. However, Ehrlich believes investors should exercise caution due to the risk of unexpected token airdrops flooding the market.

Overall, Bitcoin’s forthcoming spot ETF and halving event, Ethereum’s regulatory challenges, Solana’s technological prowess, BNB’s uncertain future, and Blur’s position within the crypto NFT market are all factors that warrant consideration.

It remains to be seen how these cryptocurrencies will react to further developments, and what will be the impacts on their price actions for the last part of the year.

Featured image from Shutterstock, chart from TradingView.com