The Bluzelle price has defied gravity. The BLZ token price surged to a high of $0.1946, which was the highest level on April 25. In addition, the coin has surged by more than 356% from its lowest level in May this year. As a result, the coin has pushed its total market cap to more than $55 million, making it the 412th biggest cryptocurrency in the world, according to CoinGecko.
Bluzelle is a blockchain project that is designed for developers, musicians, artists, and scientists that Pavel Bains and Neeraj Murarka developed. It is a fast-growing platform that allows developers to add storage to the list of their decentralized solutions. Today, the network has been embraced by leading platforms like Equinix, Swingby, Tidal, Polkadot, RioDeFi, and Equilibrium.
Bluzelle is also building an oracle project that will incorporate off-chain data to on-chain. As a result, it can be used by Decentralized Finance (DeFi) projects. It ensures that data is cleaned by following five key steps: validator voting power, standard deviation filtering, recalculating voting power, source weighing, and delta banding.
Bluzelle price prediction
Turning to the four-hour chart, we see that the Bluzelle price has been in an upward trend in the past few days. The token rose to the 78.6% Fibonacci Retracement level. The coin managed to move above the 25-day and 50-day moving averages. It has also formed a bullish consolidation pattern while the Relative Strength Index (RSI) has moved close to the overbought level. It also jumped above the key resistance level at $0.090.
Therefore, there is a likelihood that the BLZ price will likely keep rising as bulls target the next key resistance level at $0.20, which is about 20% above the current level. A drop below the important support at $0.1384 will invalidate the bullish view.