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.

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.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.