Market Overview for Blur/Tether (BLURUSDT): 24-Hour Technical Update

Summary
• Price tested key support at $0.0292–0.0293 before rebounding modestly.
• Volume surged during the downward leg but failed to confirm a strong bearish breakout.
• RSI showed oversold conditions, while the MACD hinted at waning downward momentum.
• A bullish engulfing pattern formed post 10:45 ET, suggesting short-term buying interest.
• Volatility expanded through the early hours of 12/16 as Bollinger Bands widened.

Blur/Tether (BLURUSDT) opened at $0.03023 on 12/15 at 12:00 ET, reached a high of $0.03033, and fell to a low of $0.02885 before closing at $0.02968 on 12/16 at 12:00 ET. Total 24-hour volume was 9,104,346.9 BLUR, and notional turnover was approximately $268,873.

Structure & Formations

Price action from 10:45 to 11:30 ET formed a candle, indicating potential short-term buying interest. A key support zone at $0.0292–0.0293 held twice during the session. A bearish 50-period 5-minute moving average crossed below the 20-period line, confirming a short-term bearish bias.

Moving Averages and MACD

The 50-period 5-minute MA is bearish, while the 20-period MA shows a recent flattening. The MACD line turned upward after 9:00 ET, hinting at potential short-term momentum recovery. On the daily chart, the 50-period MA is approaching the 100-period MA, suggesting a potential shift in trend.

RSI and Volatility

RSI hit oversold territory at 29.3 during the 7:45–8:00 ET session and remained below 30 for 2.5 hours. Bollinger Bands expanded as volatility increased overnight, with price frequently testing the lower band during the early morning sell-off.

Volume and Turnover

Volume spiked during the early morning selloff, peaking at 919,360.1 BLUR at 4:30 ET. However, volume declined after the 10:45 ET rebound, failing to confirm a strong bullish reversal. Turnover closely followed volume trends, with no signs of divergence.

Fibonacci Retracements

A 61.8% Fibonacci retracement of the $0.0292–0.0298 swing appears to act as resistance at $0.0295. On the daily chart, the 38.2% retracement of the $0.0292–0.03033 move is near $0.0297, a potential near-term price ceiling.

Price appears to have found a floor in the $0.0292–0.0293 range and could test the $0.0295–0.0296 level in the next 24 hours. However, a breakdown below $0.0292 could reignite bearish momentum. Investors should watch volume for signs of confirmation or divergence.