Bluzelle Price Forecast: BLZ reaches key price target aiming for more with no resistance ahead
- Bluzelle price has reached $0.468, which was a price target from a breakout of a descending triangle pattern.
- The digital asset faces practically no strong barriers above $0.47.
- Bears could see some short-term downwards price action.
Bluzelle had a significant 23% breakout from a descending triangle pattern reaching its price target of $0.467. The digital asset aims for more as it faces weak resistance above this point.
Bluzelle price eying up new yearly all-time highs
On the 4-hour chart, Bluzelle price had a breakout from a descending triangle pattern which had a price target of about $0.47. The digital asset reached this target within eight hours of the break.
BLZ/USD 4-hour chart
According to the In/Out of the Money Around Price (IOMAP) chart, the only key resistance area is located between $0.451 and $0.464 which has a volume of 1.19 million BLZ from 141 addresses. A breakout above this key range will quickly drive BLZ towards $0.52.
BLZ IOMAP chart
Additionally, the number of large holders with 100,000 to 1,000,000 BLZ tokens has increased from 90 on March 6 to 99 currently, which indicates they are accumulating Bluzelle, increasing its buying pressure.
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BLZ Holders Distribution
However, at the same time, it’s also important to note that the IOMAP model indicates weak support below $0.44 which means Bluzelle price could reach the key support area between $0.396 and $0.41.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
