Detailed Technical Analysis for BLZ-USDT Chart
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the Daily price action of BLZ/USDT.
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Total BLZ Market Cap: $123,564,732
Circulating Supply: 429,420,459 BLZ
Total Supply: 500,000,000 BLZ
Now moving towards the analysis.
The price of BLZ is currently trading at $0.2895 and it is in the resistance zone (Green) at $0.2815 — $0.2907, trading under the trendline(Yellow) for approximately 66 days. The chart shows a bearish trend, as there are 2 EMA’s 55 (Blue) and 100 (Red) they are also showing a bearish trend, and the price is struggling to break above a descending trendline on a daily time frame.
After making a rejection(Orange Circle) from the trendline the price breaks through the green zone and bounces back from the blue zone at $0.1983 — $0.2228.
Key Zones and Levels
Resistance zone (Green) $0.2815 — $0.2907
Resistance Levels $0.3887 and $0.4626
Support zone (Blue) $0.1983 — $0.2228
Final Support $0.1099
Trendline (Red)
Moving Average Analysis
The 55-day (blue) and 100-day (red) EMAs are both sloping downwards, reinforcing the bearish outlook. The price needs to break above these EMAs to signal a reversal in trend.
Liquidation Heatmap
Scenarios
There are 2 possible scenarios bullish and bearish
1- Bullish
If the price breaks out from the green zone at $0.2815 — $0.2907 and the trendline(Red) with the high volume we could see the price testing at the $0.3887 resistance and if it flips the $0.3887 level then the next target will be $0.4626 level. The price has to break above the EMA’s as they are also acting as a resistance to go up.
2- Bearish
If the price is rejected from this green zone, after a pullback we might see the price testing the support zone(Blue) at $0.1983 — $0.2228, and if this zone cannot hold the price we might see more decline in the price of BLZ.
Volume and Market Sentiment
The current volume of 12.71M suggests active market participation. However, the price movement will depend on whether the bulls can sustain momentum to break above the critical resistance levels.
Conclusion
Bluzelle (BLZ) is trading at $0.2834 in a bearish trend, struggling to break a resistance zone of $0.2815-$0.2907 and descending trendline. A breakout could target $0.3887 and $0.4626, while rejection may drop it to $0.1983-$0.2228.
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This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
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