Blur

Investors of the Blur (BLUR) token are facing a challenging situation as the token&#39;s price recently experienced a significant correction of nearly 30%. To exacerbate matters, Blur is scheduled to unlock 40% of its royal supply in the upcoming days, potentially adding to the existing woes.In a tweet on June 13, Token Unlock announced that Blur&#39;s next token unlock is set to take place on June 15, 2023. This unlock will release approximately 193 million BLUR tokens, contributing to the current circulating supply of 493 million. This substantial increase in token supply, amounting to nearly 40% in a single day, can have adverse effects.It is a well-known phenomenon that an increase in circulating supply often leads to a decline in price. This occurs due to the fundamental principle of supply and demand. As the circulating supply rises, the demand for the asset decreases, resulting in a dip in its price.Consequently, BLUR&#39;s price will likely be corrected following the token unlock. The situation may worsen considering the current bearish price action of the token. At the time of writing, BLUR had already witnessed a decline of over 29% in the past seven days, trading at $0.3184 with a market capitalization exceeding $157 million.The ongoing downtrend in BLUR&#39;s price has been accompanied by a surge in trading volume, which typically indicates the bearish sentiment. Furthermore, there has been a relatively high inflow of BLUR tokens into exchanges, indicating that investors are offloading their holdings.The price drop has contributed to a prevailing negative sentiment surrounding BLUR in the market, evident from its weighted sentiment. Additionally, the token has exhibited high price volatility over the past week, increasing the likelihood of a continued downtrend after the token unlock.A closer look at BLUR&#39;s daily chart raises further concerns. The 20-day Exponential Moving Average (EMA) currently rests below the 55-day EMA, indicating a bearish outlook. Moreover, the token&#39;s Chaikin Money Flow (CMF) has slightly increased, signaling a bearish trend.Despite these indicators, BLUR&#39;s Relative Strength Index (RSI) suggests that the token is oversold, potentially increasing buying pressure. Additionally, the Money Flow Index (MFI) has rebounded after touching the 25 mark, considered a bullish signal.In conclusion, Blur (BLUR) investors are grappling with the aftermath of a major price correction and the anticipation of a significant token unlock. The prevailing bearish sentiment and technical indicators suggest that further price corrections may occur. However, oversold conditions and a rebounding MFI provide a glimmer of hope for potential buyers. As the market evolves, investors should closely monitor the developments to make informed decisions regarding their BLUR holdings.

What to Expect as Blur’s Token Unlock Approaches

ItsBitcoinWorld

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