2023-8-15 10:32 |
Bluzelle (BLZ) price has suddenly woken up as demand for the token jumped. BLZ soared to a high of $0.1225 on Monday, the highest level since February this year. It has jumped by more than 126% from the lowest level this year.
What is BLZ and why is it rising?Bluzelle is a blockchain that has unique features to existing ecosystems like Ethereum and Solana. It is an extremely fast platform with over 10,000 in transactions per second (TPS), which is faster than most blockchains.
The other important Bluzelle feature is decentralized storage which is an inbuilt alternative to Filecoin and Arweave. As such, its developers can forego the extra step of finding alternatives. Other features of the platform are that it is highly interoperable since it uses the Cosmos technology.
Bluzelle price has jumped sharply in the past few days as it gains popularity among crypto traders. As shown below, it is trending in most social media platforms like Twitter (X) and StockTwits.
Today's Top Trending Coins on LunarCrush:
🔹 $HBAR @hedera
🔹 $BAKE @bakery_swap
🔹 $LIT @litentry
🔹 $RUNE @THORChain
🔹 $APE @apecoin
🔹 $BLZ @BluzelleHQhttps://t.co/5eARJX1ArQ pic.twitter.com/kOhwaLyOqB
Therefore, this rally seems like a pump-and-dump scheme since there is no major news responsible for the move. A look at the exchange volume data shows that most of these trades are coming from Binance, the biggest exchange in the world.
Another possible reason is that there are hopes of an important news in the coming days. In the past, we see some tokens rise ahead of a major news like a partnership or network upgrade.
Bluzelle price predictionThe daily chart shows that the BLZ price suddenly woke up on Friday. Since then, the token has jumped by more than 100% in a high-volume environment. Bluzelle has crossed the important resistance level at $0.096, the highest level on April 16th. It has jumped above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has jumped above the extremely overbought level.
Therefore, I believe that Bluzelle’s next move will be downwards as the pump fades. If this happens, the next level to watch will be at $0.0900. A break above the resistance at $0.1225 will point to more upside.
The post Bluzelle price prediction: How long will this BLZ pump hold? appeared first on Invezz.
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