In a stunning development in the world of non-fungible tokens (NFTs), a new player has come up to claim the title of the top NFT marketplace. Blur, a platform that specializes in digital art and collectibles, has surpassed OpenSea to become the leader in the rapidly growing NFT market.
Moreover, the growth of Blur has been described as overwhelming, as it has quickly become the fastest NFT marketplace. Hence, the BLUR token has sparked expectations of an upcoming bullish rally, which may change the map of investors’ portfolios.
Blur Makes Record In The NFT Space!
Blur has been making headlines in the NFT market with its record-breaking sales, shaking up the sentiment of NFT investors. ДаппРадар подаци shows that Blur has recorded a 361% surge in Ethereum NFT trades in the last seven days, amounting to a whopping $460 million. In contrast, OpenSea saw a modest 12% uptick in trading volume to reach $107 million during the same period.
Према ЦриптоСлам, the trading volume of Ethereum NFTs has surged by 155% week over week. This uptick in trading activity follows Blur’s airdrop of its BLUR governance token to NFT traders who earned rewards on the platform and through other exchanges before Blur’s launch last autumn.
Nevertheless, the surge in trading volume observed at Blur seems to be less motivated by traders selling off their BLUR tokens and purchasing high-value NFTs to hold but more so by whale traders who possess substantial NFT holdings and are now flipping NFTs at an even higher rate than before, intending to increase potential future token reward allocations.
What Is Waiting For Blur Token Next?
The Blur token has witnessed solid downward volatility due to the ongoing controversy over royalty fees. Despite the recent surge in trading volume and the overall growth of the platform, BLUR’s value has been relatively unstable due to OpenSea’s step to disincentivize royalties for all platforms.
As of writing, the BLUR token trades at $1.07, with a downtrend of over 12% in the last 24 years. Analyzing the price chart of BLUR is currently not feasible as it either lacks sufficient data on major exchanges or is not listed on them. However, the token has experienced a steep fall from $1.3, forming a crucial support near $1.
The RSI-14 and Stochastic RSI are trading near the start of a bullish region, hinting at an upward push which may soon begin a smooth uptrend for the BLUR token. The next 24 hours are crucial for validating an uptrend in the Blur price chart, as a gain in momentum below the 23.6% Fib level can pave the way to EMA-100 at $1.16. From this price level, a spike in long positions and trading volume can be witnessed with a target of $1.5 due to the overwhelming success of the platform.
Source: https://coinpedia.org/price-analysis/blur-token-overtakes-opensea-in-nft-marketplace-bullish-rally-ahead/