Bluezelle Set To Outperform Bitcoin With 60% BLZ Growth Prediction

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Bluezelle’s (BLZ) price remains bullish, despite the recent decline. The token broke out over the weekend, rallying almost 130% to record an intra-day high of $0.1218 on August 13. According to experts, the surge was attributed to a short squeeze effect, and now BLZ indicates a 60% growth potential.

BLZ is the native token that powers the Bluezelle ecosystem. The ecosystem touts itself as a decentralized storage network designed for the developer economy. Among the essential utilities of the BLZ token include paying for network transactions and providing access to BluezelleDB and Oracle services. Token holders can also stake BLZ for rewards or participate in network governance. This allows holders to have a voice in the platform’s power.

Short Squeeze That Saw Bluezelle Rally 130%

For the layperson, a short squeeze occurs when a token registers an unexpected rise because of heavy shorting among traders. Many traders have taken short positions, anticipating a significant price fall. However, the token’s price defies the expectation, moving north, and therefore the traders who shorted it start losing money.

As their top losses are triggered, they buy more tokens to exit their positions and cut their losses. The ensuing demand pressure pushes the price higher. This explains the recent outstanding price surge for Bluezelle tokens.

When this happened, the token’s futures trading volume surged, breaching the $2.4 billion mark, suggesting massive interest for BLZ. Similarly, its open claim, comprising short and long liquidations, exceeded $75 million. When genuine interest rises, there is higher liquidity with new capital flowing into the market. It translates to an increase in efficiency, and the ongoing trend continues.

The trading volume of BLZ token future in the past 24h exceeded $2.4 billion, and the open interest exceeded $75 million, both hitting record highs. The annualized negative fee rate of BLZ U on Binance and Bitget both reached 2,700%. In the past 24h, BLZ token rose by more than… https://t.co/QHWeIQ8Xne

— Wu Blockchain (@WuBlockchain) August 14, 2023

Notably, the trading volume and open interest scores were both record highs. Similarly, the annualized funding rate of Bluezelle went over 2000% on Binance and Bitget exchanges. A steadily high and positive funding rate points to a bullish sentiment among market players with expectations of a price surge.

Speculation About Bluezelle Short Squeeze

Without any clear explanation for the rally and the short squeeze interpretation, some experts say it may be a pump or dump by Korean traders. This comes as there has been a lot of activity among South Korean cryptocurrency exchanges. Nevertheless, the assumption that it may have been related to the South Korean traders is unfounded, considering the country’s most prominent business, Upbit, did not account for any of the trades. This is based on BLZ open interest statistics, as indicated on Coinalyze.

Even so, this does not invalidate a possible pump-and-dump scheme entirely.

Bluezelle Price Forecast As Experts Anticipate 60% Rise

Bluezelle token is down almost 35% from the August 13 intra-day high of $0.1218. However, based on the outlook of momentum indicators, bulls still have an advantage. This comes as the histograms of the Awesome Oscillator (AO) are in the positive territory with large volumes.

With the 200-day Simple Moving Average (SMA) coming into play as a support level, bulls can leverage this zone to scale resurgence. However, failure to do so could see BLZ find support at the 100- or 50-day SMA at $0.0578 and $0.0584, respectively.

In the dire case, Bluezelle could spring up from the demand zone, where chances of aggressive buying among bulls are high. The ensuing buying pressure could send BLZ north to clear the equal highs at around $0.1273. Such a move would constitute a 60% climb, setting up BLZ to outperform Bitcoin (BTC).

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

Conversely, it is impossible to ignore that Bluezelle’s price could confirm Welles Wilder’s interpretation of an overbought asset. In his review, Welles holds that the asset could be overbought when the RSI crosses below the 70 level as it extends south. Currently at 70 and heading down, such could be the fate for BLZ.

While Bluezelle works out its next move, switch gaze to WSM, the token that powers the Wall Street Memes ecosystem. The token is among the top three new crypto presales experts are buying. Watch the video for details.

Bluezelle Alternative

Wall Street Memes token passes as the most promising alternative for the Bluezelle token. It brings users “the long-awaited token for a vibrant community followed and engaged with by even Elon Musk.”

Literally

— Elon Musk (@elonmusk) March 18, 2023

The project is tokenizing the retail movement against Wall Street’s planned monopoly of financial markets. It fits perfectly for this purpose because it has one of the most significant communities in crypto. As such, the project boasts some of the highest social engagement in its journey to legitimize loyal supporters of the movement.

Experts say Wall Street Memes can go 10x once it lands on cryptocurrency exchanges.

The token is gaining momentum, with almost $24 million raised in presale sales. Interested investors can buy WSM at $0.0334, but the price will go up to $0.0337 in the next three days. Time is of the essence!

Visit Wall Street Memes here.

Do not miss out for any reason, and borrow an excerpt from the official website, “Join the $WSM army today and prove that greed is, indeed, very good.”