Bluezelle Price Prediction: BLZ Tumbles 11% - A Sleeping Giant Awakening

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Bluezelle’s (BLZ) price fell 11% on August 22 after a rejection from the $0.1388 resistance level. Nevertheless, the altcoin maintains its overall uptrend, recording higher highs and lows. When viewed against the momentum indicators, the price action shows BLZ could be coiling up for a big move. Experts maintain optimism for the token after it defied all odds, including the recent market crash.

https://twitter.com/DegenDavidD/status/1693667421515632650

Bluezelle’s price has formed a new market range with the current outlook. This is between the current price of $0.1373 and the $0.0799 low, last tested on August 18.

Futures Traders Having A Field Day With Bluezelle Token

Futures traders, the ones who speculate on or hedge against the future of an asset, are having a field day with BLZ.

$BLZ – What a great place to secure the profits lmao.

Ze cartel coin iz fuckin INSANE.

went up 50% from this tweet lmao https://t.co/rg3mXui0GD pic.twitter.com/AQFAPK9jK1

— Kingpin Crypto (@Kingpincrypto12) August 23, 2023

Unlike those who engage in spot trading, this cohort of traders appears to be swiftly changing their perspectives. By observing how the market levels are performing, the futures traders are raking in good returns while navigating the whims of a highly manipulative market.

$Blz short again in radar!

Waiting patiently. Don’t enter in between 🙂 https://t.co/LiFuCMGCnS pic.twitter.com/tRFx6YushK

— Digital Nomad Woman (@taqwaayub) August 23, 2023

Liquidity hunts appear to be the choice strategy for these traders, grabbing them when they occur to enter good trade setups.

Liquidity Grabs For Bluezelle Token

Something interesting occurred for the Bluezelle token around mid-August, breaking out from a tight multi-month consolidation. This was between the $0.0467 support and the $0.0799 resistance, now turned support.

With the current outlook, every previous candlestick wick that has not been breached represents uncollected liquidity. This means that whenever the price ascends higher than the last long wick, it represents a liquidity grab. This applies to both the top and bottom wicks.

For instance, in the chart below, the February 20 liquidity was collected when Bluezelle’s price breached the $0.1388 hurdle. However, this left another bucket of liquidity pending collection.

Bluezelle Price Forecast

Bluezelle’s price is $0.1358 at the time of writing, down around 11% from the intra-day high of $0.1550 recorded on August 21. With uncollected liquidity above this level, BLZ could ascend north, liquidating the stop losses of the long positions.

When this happens, the short traders still buy, with the ensuing buying pressure, likely to fuel an uptrend. However, this depends on whether the buying pressure overpowers seller momentum as long positions take profit. Notably, when the price increases, it tends to liquidate the take profit levels of traders who longed for the asset. The ensuing selling pressure leads to a pullback.

From a technical perspective, the Relative Strength Index (RSI) is at 69 and heading north. This shows there is still room to the north. It also points to rising bullish momentum as more buyers come in.

Similarly, the histograms of the Awesome Oscillator are recording vast volumes of green bars, suggesting that bulls currently control the market. A sustained increase in buying pressure could see BLZ breach the psychological $0.1600. Such a move would constitute a 20% climb above current levels.

Bluezelle price — TradingView: BLZ/USDT 1-day chart

Conversely, the uptrend could have been a fake out, shaking out any long positions above the $0.1388 level. This could push Bluezelle’s price down to the recent lows around $0.1000, where the long’s stop losses reside.

In the dire case, Bluezelle’s price could slide lower to break below the $0.0799 support level. Here, short traders are likely to take profit before a chance for another foray north.

While futures traders look for liquidity grabs in Bluezell price action, consider SONIK, a meme coin, though standalone, awesome!

Promising Alternative To BLZ

Sonik Coin (SONIK) has breached the $350K mark in presale sales, recording up to $352,757 as of press time. The project is on course to become the fastest cryptocurrency to attain the $100 million market cap.

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— SONIK COIN (@Sonikcoin) August 19, 2023

It is worth mentioning that SONIK has no affiliations to the Hollywood film and gaming caricature, Sonic the Hedgehog. The project offers token holders amazing staking rewards, with requirements as simple as depositing into the staking smart contract.

You can put your funds to work immediately after buying and staking your newly acquired tokens. There is no need to wait for the presale to end. Thus far, up to 13,031,703,428 SONIK tokens are staked out of 299,792,458,000. The owners of these tokens could be very well sitting on their hands now while their funds work for them.

🦔💨 Ready, set, #SONIK!

gotta buy now – https://t.co/s1fTdXDQCK #MemeCoin #CryptoMemes #Presale pic.twitter.com/iyPnaujjti

— SONIK COIN (@Sonikcoin) August 20, 2023

Check the staking dashboard, monitor the presale collections, and buy SONIK here.