Market Overview: BLURUSDT Volatility and Bearish Pressure

Summary
• Price action formed a bearish reversal pattern after reaching a 24-hour peak near $0.02817.
• Volatility expanded as volume surged during a sharp decline below key support at $0.02773.
• Momentum weakened with RSI dipping below 40, suggesting short-term oversold conditions.
• Price remains in a descending channel, with resistance at $0.02803 and support at $0.02758.

Blur/Tether (BLURUSDT) opened at $0.02806 on December 22 at 12:00 ET, reached a high of $0.02817, and closed at $0.0274 at 12:00 ET the following day. Total volume over 24 hours was 5.97 million BLUR, with a turnover of $167,000.

Structure & Moving Averages

Price action formed a descending channel, with resistance at $0.02803 and support at $0.02758.

On the 5-minute chart, the 20-period MA crossed below the 50-period MA, signaling bearish momentum. On the daily chart, the 50-period MA remains above the 200-period MA, indicating a bearish bias in the longer term.

Momentum & Volatility

The RSI dipped below 40 in the final hours, signaling oversold conditions. MACD turned negative after a sharp drop from $0.02817 to $0.0274, confirming bearish momentum. Volatility expanded, with a Bollinger Band width increase as price traded near the lower band, suggesting heightened risk of a bounce or deeper pullback.

Volume & Divergence

Volume spiked during the sharp decline below $0.02773, confirming bearish pressure. A divergence appeared in the final 5 hours where price continued lower, but volume declined, suggesting potential exhaustion.

Key Levels & Fibonacci

Fibonacci retracements from the $0.02817 high and $0.0274 low show 38.2% at $0.02783 and 61.8% at $0.02759. Price may test $0.02758 in the near term as the next support.

The path of least resistance appears to be slightly bearish in the short term, with a potential test of $0.02758. However, a rebound to the $0.0278–$0.02803 range remains possible. Investors should monitor for volume confirmation on any potential bounce.