Bluzelle Price Prediction: BLZ Moves Up by 2% – Are Traders Bullish?

1. Bluzelle BLZ shows signs of a price decline, with a 4.9% drop in the last 24 hours. Its price at 4:31 a.m. EST is $0.12.

After trading in a sideways trend between August 6-11, Bluzelle transitioned into an uptrend with the large green candle on August 13, confirming market dominance from the buyers. It traded at $0.14 on August 21 before the bears forced a price decline to its present level today. 

However, the retracement hardly affects the massive gains recorded by Bluzelle in the past month, evidenced by the 135.5% increase in 30 days.

Bluzelle also shows it has gained 144.4% in the last 14 days and 38.1% in 7 days, indicating a massive surge in buy pressure. Also, it is up by 31.6% on the year-to-date ratio, reflecting positive investor sentiments for the asset. 

BLZ is a sideways trend today as the bears attempt to force it below the $0.12 support after encountering resistance at $0.13. If the $0.12 support holds, a rebound is most likely for the asset. 

Will Price Continue Upward Trajectory?

Between June 11 and August 11, BLZ traded within a sideways range with slight deviations in between. However, the August 11 rally suggests that the buyers seek to dominate the market and force a rally. 

1. Once the asset breaks out of the sideways trend, then traders can adjust accordingly to the new direction. BLZ shows an interesting pattern on the daily chart after breaking out of lateral movement on August 12. 

It traded in a sideway trend between August 16-18 before rallying again on August 19 and repeating the same direction. Also, the same trend is observed between August 22 and today, August 24, hinting at a possible rally on August 25 based on historical data. 

Traders who opened long trades at point 1 are gaining, although there is no certainty if they are ready to profit. The smooth transition into the upper region of the Donchian Channel (DC) confirms buyers’ dominance in the past week. 

Also, the Relative Strength Index (RSI) shows a value of 66.10, close to the overbought region of 70, confirming the prevalent bullish sentiment. The RSI formed four peaks in the overbought zone between August 13 and 21, implying that the buyers are not relenting and hope to continue the uptrend.

The Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a bullish sentiment. Although the Histogram bars are fading from green, suggesting a drop in buying pressure, the buyers will likely force another rally into the overbought zone. 

BLZ alternates between the $0.13 resistance level and the $0.12 support. The bears at the $0.13 resistance intend to prevent a break above this level.

If a price decline eventually occurs in the coming days, and the $0.12 support no longer holds, then $0.10 is the retracement level expected for the asset. 

However, based on its Historical data and performance in the last month, it will likely move above the $0.13 resistance level to recapture higher highs in the coming days. Investors must be wary of price volatility due to other external factors. 

Huobi Listing on August 14 Possible Catalyst for Present Gains

New Perpetual Listing 🚨#Huobi adds $LPT/USDT and $BLZ/USDT perpetual futures with up to 20x!

cc : @BluzelleHQ @Livepeer

Click for details

— Huobi Futures (@HuobiFutures_) August 14, 2023

On August 14, Huobi announced the launching of BLZ/USDT as part of its perpetual futures, creating a positive response in the Bluzelle ecosystem.

Huobi is one of the top crypto exchanges worldwide, and this listing is likely contributing to the price gains this week. 

Also, the BLZ/USDC pool on Osmosis is live and open for staking, offering users an APR of 116%. It provides opportunities for Bluzelle users to stake their tokens and earn passive rewards.

Bluzelle Weekly Updates Show Progress Driving Ecosystem

Bluzelle’s weekly update unveiled exciting developments in the ecosystem. One is the Capella marketplace, which now supports semi-fungible tokens (SFTs).

1/#WeeklyUpdate: Week ending Aug 18

Capella:
Marketplace now supports #SFTs (semi-fungible tokens) (this was a big task with the marketplace as it was initially built for just #NFTs)- SFTs will be noted with an "Owned" & "Supply" property on their cards.https://t.co/TdQrJrDxj4 pic.twitter.com/dwKt0b5gLg

— Bluzelle (@BluzelleHQ) August 22, 2023

The marketplace upgrade adds diversity to the marketplace that previously accommodated only NFTs. Also, users can filter NFTs on their collection page by attributes, while collection descriptions now support adding links.

2/Added attributes filtering to the marketplace (can now filter NFTs on their respective collection page by their attributes). Both dynamic attributes and static attributes.

Attributes now render in the individual NFT page (left side under the NFT image)

— Bluzelle (@BluzelleHQ) August 22, 2023

Additionally, Governance proposals are now functional on the test net and will be used for software upgrades in the future. According to the weekly update, testing is ongoing for the next potential Mainnet upgrade for Bluzelle to bring even more exciting features.

4/ #Bluzelle Chain:
Governance proposals now working in test! Proposals can be put in and voted upon and passed or failed. Paves the path to doing software upgrades.

— Bluzelle (@BluzelleHQ) August 22, 2023

Since Bluzelle is an NFT and collectors’ hub, these updates are likely driving more investors to accumulate the BLZ tokens, causing an increase in their value. 

The gains in August made Crypto Dep rank BLZ among the week’s top gainers on August 14. Also, BLZ was among the top trending coins on LunarCrush on the same date, alongside popular tokens like RUNE, APE, and HBAR.

Today's Top Trending Coins on LunarCrush:

🔹 $HBAR @hedera
🔹 $BAKE @bakery_swap
🔹 $LIT @litentry
🔹 $RUNE @THORChain
🔹 $APE @apecoin
🔹 $BLZ @BluzelleHQhttps://t.co/5eARJX1ArQ pic.twitter.com/kOhwaLyOqB

— LunarCrush (@LunarCrush) August 14, 2023

These updates show continual developments in the ecosystem and will likely keep BLZ from falling to the $0.10 support level but push to the $0.13 resistance level. 

Wall Street Meme (WSM) Few Weeks Away from Tier 1 Exchange Listing

Wall Street Memes (WSM) is a meme coin project promoting the triumph of retail traders over rampant capitalism in the crypto market. 

The utility token, WSM, is in the final stage of its presale, with each token worth $0.0337. Investors still have the opportunity to accumulate these tokens ahead of a potential price surge when it is listed on exchanges. The presale is already a massive success, with over $25 million raised.

WSM is less than a month away from listing on tier 1 exchanges. Investors can purchase these tokens with ETH, USDT, BNB, or bank cards when they connect their crypto wallets to the official Website. 

WSM tokens can also be staked for additional rewards with an APY of 101% and over 197 million tokens staked. The staking feature will likely preserve the long-term value of the token after listing. Up Next Crypto provides an honest review of the WSM project on YouTube and highlights its massive potential.

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