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- BlueZell BLZ is showing signs of price decline with a 4.9% drop in the last 24-hours. It is priced at $0.12 at 4:31 am EST.
After trading in a sideways trend between August 6-11, BlueZell turned into an uptrend with a large green candle on August 13, confirming buyers’ market dominance. It traded at $0.14 on August 21, before bears drove the price down to today’s current levels.
However, the retracement did not affect the massive gains posted by BlueZell last month, as evidenced by the 135.5% increase in 30 days.
BlueZell also shows that it has gained 144.4% in the last 14 days and 38.1% in 7 days, indicating a huge increase in buying pressure. Also, it is up 31.6% on the year-to-date ratio, indicating positive investor sentiments for the asset.
The BLZ is in a sideways trend today as the bears attempt to force it below the $0.12 support after facing resistance at $0.13. If the $0.12 support holds, then a rebound is most likely for the asset.
Will prices continue to move upwards?
Between June 11 and August 11, the BLZ traded within a sideways range with minor divergences in between. However, the rally on August 11 shows that buyers want to dominate the market and force a rally.
- Once the asset breaks out of the sideways trend, traders can adjust according to the new direction. BLZ shows an interesting pattern on the daily chart after breaking out of the lateral movement on 12th August.
It traded in a sideways trend between 16-18 August and turned bullish again on 19 August and repeated the same direction. Also, the same trend has been observed between August 22nd and today, August 24th, indicating a possible rally on August 25th based on historical data.
Traders who have opened long positions at point 1 are making profits, although there is no certainty whether they are ready to take profits or not. The smooth transition to the upper zone of the Donchian Channel (DC) confirms the dominance of buyers over the past week.
Moreover, the Relative Strength Index (RSI) shows a value of 66.10, which is near the overbought zone of 70, confirming the prevailing bullish sentiment. The RSI formed four peaks in the overbought zone between August 13 and 21, which means that buyers are not relenting and the uptrend is expected to continue.
The moving average convergence/divergence (MACD) is above its signal line, which is showing a bullish sentiment. Although the histogram bars are fading green, indicating a reduction in buying pressure, buyers will likely force another rally into overbought territory.
The BLZ fluctuated between the $0.13 resistance and the $0.12 support levels. At the resistance level of $0.13, the bears intend to prevent a break above this level.
If the price eventually declines in the coming days, and the $0.12 support no longer holds, then $0.10 is the expected retracement level for the asset.
However, based on its historical data and last month’s performance, it may trade higher above the $0.13 resistance level in the coming days. Investors should be wary of price volatility due to other external factors.
Huobi Listing on Aug 14 Potential Catalyst for Current Gains
New Perpetual List 🚨#huobi They say $lpt/usdt and $blz/USDT Perpetual Futures up to 20x!
CC : @BluzelleHQ @livepeer
Click for details
— Huobi Futures (@HuobiFutures_) 14 August 2023
On August 14, Huobi announced the launch of BLZ/USDT as part of its perpetual futures, generating a positive response in the BlueZell ecosystem.
Huobi is one of the top crypto exchanges worldwide, and this listing may have contributed to the price increase this week.
Furthermore, the BLZ/USDC pool on Osmosis is live and open for staking, offering users an APR of 116%. It provides BlueZell users with opportunities to stake their tokens and earn passive rewards.
BlueZell weekly updates reflect the progress of the ecosystem
BlueZell’s weekly updates reveal exciting developments in the ecosystem. There is a Capella marketplace, which now supports Semi-Fungible Tokens (SFTs).
1/#weekly update: Week ending 18 August
Capella:
Marketplace now supports #SFTs (semi-fungible token) (this was a big deal for the market as it was initially created only for #nft)- SFT will be noted on their card with the property “Owned” and “Supplied”. pic.twitter.com/dwKt0b5gLg— Bluzelle (@BluzelleHQ) 22 August 2023
The marketplace upgrade adds diversity to a marketplace that previously accommodated only NFTs. Plus, users can filter NFTs by attributes on their collection page, while collection descriptions now support adding Link,
2/ Added Filtering Attributes to the Market (Now NFTs can be filtered based on their attributes on their respective collection page). Both dynamic features and static features.
Attributes are now presented in the individual NFT page (bottom left of NFT image)
— Bluzelle (@BluzelleHQ) 22 August 2023
Additionally, governance proposals are now functional on the test net and will be used for future software upgrades. According to weekly updateTesting continues for the next possible mainnet upgrade of BlueZell to bring even more exciting features.
4/ #bluezel Chain:
Governance proposals are now working in test! Motions can be made and voted on and passed or failed. Paves the way for software upgrades.— Bluzelle (@BluzelleHQ) 22 August 2023
Since BlueZell is an NFT and collectibles hub, these updates are likely prompting more investors to accumulate BLZ tokens, increasing their value.
profit in august crypto department Rank BLZ among the top gainers of the week for August 14. Furthermore, BLZ was one of the top trending coins on LunarCrush on the same date, alongside popular coins such as RUNE, APE, and HBAR.
Today’s top trending coins on LunarCrush:
$HBAR @hedera
$bake @bakery_swap
$LIT @Litentry
$rune @THORChain
$APE @apecoin
$blz @BluzelleHQ pic.twitter.com/kOhwaLyOqB— LunarCrush (@LunarCrush) 14 August 2023
These updates reflect the continued development in the ecosystem and will likely prevent BLZ from falling to the $0.10 support level but raise it to the $0.13 resistance level.
Wall Street Mem (WSM) a few weeks away from Tier 1 exchange listing
Wall Street Memes (WSM) is a meme coin project that promotes the victory of retail traders over rampant capitalism in the crypto market.
The utility token, WSM, is in the final stages of its presale, with each token priced at $0.0337. Investors still have the opportunity to accumulate these tokens ahead of a potential price increase when they are listed on exchanges. With over $25 million raised, the presale is already a huge success.
WSM is less than a month away from being listed on Tier 1 exchanges. Investors can buy these tokens with ETH, USDT, BNB or bank card when they connect their crypto wallet to the official website.
WSM tokens can also be staked for additional rewards with 101% APY and over 197 million tokens. The staking feature after listing will likely preserve the long-term value of the token. Up Next Crypto provides an honest review of the WSM project on YouTube and highlights its huge potential.
Related NFT News:
Wall Street Memes – The Next Big Crypto
- Early Access Presale Live Now
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Ranked Best Crypto To Buy Right Now In The Mem Coin Sector
- The team behind the OpenSea NFT collection – Wall St. Bulls
- Elon Musk replied to the tweets
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Source: insidebitcoins.com
