Bluzelle Price Prediction: BLZ Tanks 11% - The Downfall of Decentralized Storage?

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Bluzelle BLZ, the utility token for the decentralized storage provider Bluzelle, experienced an unexpected 11% price plunge on August 20. This decline sent shockwaves throughout the market.

The sudden drop is hinged on large-scale investors (whales) who offloaded a significant portion of their BTC holdings.

Crypto extended declines, after a report of Elon Musk’s SpaceX selling Bitcoin holdings added to building concerns https://t.co/6lt8DEhJ96

— Bloomberg Markets (@markets) August 18, 2023

However, amidst the uncertainty, the coin has demonstrated remarkable resilience with an impressive comeback. BLZ is trading at $0.1170, up by almost 1% in the past 24 hours, with a 6.8% 7-day price increase and an over 90% 30-day gain.

US Balance Sheet Data May Affect Crypto Market

In the recent Macro Markets show, analyst Marcel Pechman discussed the significant effect of the United States Federal Reserve’s balance sheet.

He explained that the Fed increased its assets by $5 trillion from December 2019 to April 2022. The stock market (S&P 500) decreased by 38%. Also, when the stock market reached its highest point of 4,800, the Federal Reserve’s balance sheet was more than $8.9 trillion.

Pechman is concerned that the U.S. Treasury Department recorded a significant budget deficit. Notably, this happens when the government spends more than it earns from taxes and other income sources.

A budget deficit will likely affect the U.S. dollar, leading to a crash in the stock market. And considering the correlation between the traditional and crypto markets, coins like Bitcoin, Ethereum, and even BLZ will likely take the hit.

That’s because such uncertainty could prompt investors to be more risk-averse, diverting their attention and funds from the crypto market.

However, if the Federal Reserve continues to increase its balance sheet and implement measures to counter inflation, it could lead to a weaker U.S. dollar.

A weaker dollar often prompts investors to seek alternative assets, such as cryptocurrencies, as a store of value and a hedge against currency devaluation.

This could drive more interest and investment into the crypto market, positively influencing prices.

Recent Development Within Bluzelle Ecosystem

Bluzelle Welcomes GAMMA 4’s Private Beta, so prepare for NFT Rewards and Exciting Gameplay. A prominent blockchain focused on GameFi, Bluzelle, recently launched the highly-anticipated GAMMA 4 Private Beta.

Bluzelle CEO and GAMMA 4 Executive Producer Pravel Bains highlighted the game’s unique features. The game is designed to make players have fun while playing and to gather feedback from the players.

The creators want players to explore and share their thoughts so they can make the game even better. Their big aim is to create an entertaining and special game because it includes players’ ideas. BLZ will likely gain more traction if GAMMA 4 goes viral and gains mainstream adoption.

Bluzelle Price Analysis: Will It Retest?

The coin’s recent recovery and movement toward the upper Bollinger Bands indicator indicate a potentially bullish trend. Notably, moving towards the upper band often suggests that the coin’s value increases and there’s positive momentum.

However, reaching the upper band could also mean that the price has increased significantly, which might trigger caution among traders. But the upper band can sometimes be a resistance point for more rallies.

Nonetheless, if it manages to break through and stay above the upper band, it could trigger more rallies for BLZ. On the other hand, if the price slows down or drops after touching the upper band, it could confirm the resistance and lead to a short-term price pullback.

The rising Relative Strength Index toward the oversold confirms the momentum shift in the BLZ market. The RSI value at 69 indicates that the selling pressure decreases as buyers build momentum.

Also, the Moving Average Convergence/Divergence still shows bullish solid sentiment, evident in the green histogram bars. Despite the price drop on the market on August 20, BLZ is showing a positive recovery and might reach its monthly high of $0.13 this week.

Promising Alternative to Bluzelle Coin

As the cryptocurrency space rapidly evolves, investors and top players have diverted attention to low-cap and upcoming projects with huge returns potential.

Sonik, a new speedy meme coin inspired by the famous Sonic the Hedge Dog franchise, offers promising returns. However, the SONIK coin is not affiliated or contracted with the multi-billion-dollar SEGA franchise.

SONIK – Emerging Meme Coin

In less than a week of launch, the SONIK presale has surpassed the $260,000 milestone. This achievement underscores a high investor interest in the project. The presale surging while the broader crypto faces a slight drop shows that the coin has the potential to perform significantly.

According to the project’s whitepaper, the team behind the SONIK is aiming to reach a $100 million market cap faster. Sonik Coin’s presale is gathering funds incredibly quickly, which matches the fast nature of this meme coin.

The presale aims to distribute 50% of the total supply to investors and raise nearly $2.1 million. As a result, the price of Sonik Coin goes to $0.000014, offering an excellent opportunity for investors to get on early.

SONIK promises investors a lucrative opportunity to enjoy massive returns upon gracing top crypto exchanges. Also, SONIK allows users to earn more coins by putting them in a special savings place called staking. When users lock (stake) their SONIK coins, they get rewarded.

Sonik coin offers an excellent annual percentage yield (APY) for its stakers which will help the $SONIK coin try to get even higher in value.

Investors who buy this coin can start putting it in the staking pool and earn even more. Out of all the total supply, 40% is saved for rewarding the people who stake them. This reward will be given out over four years.

Presently, around 90 million $SONIK coins have been staked. Stakers will receive an annual yield of up to 26,648%.

But this rate will reduce as more people put their coins into the special savings place. Interested investors can visit the project website to purchase the token using ETH or USDT.

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