- 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.
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.
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