Blend Generated More Than $365M In Borrowing Volume In May

  • Messari revealed in a tweet that Blur.io’s Blend generated over $365 million in borrowing volume during May.
  • Despite its success in the NFT space, BLUR’s price dropped by more than 15% over the past day.
  • At press time, BLUR’s price was trading between the 9-day and 20-day EMA lines and was resting on the minor support level at $0.3506.

Earlier today, the crypto market intelligence platform Messari revealed on Twitter that Blur Lending (Blend) saw a massive increase in its volume in May of this year. According to the post, Blend’s volume for May stood at over $365 million.

Weekly NFT borrow volume per platform
Weekly NFT borrow volume per platform (Source: Twitter)

Messari also pointed out that this is more than most of its competitors in the Non-Fungible Token (NFT) space have done in a whole year. However, despite its latest success in the NFT space, the price of BLUR saw its price drop over the past 24 hours of trading.

CoinMarketCap indicated that BLUR was trading hands at $0.3563 following a more than 15% price descent.  This left the crypto trading very close to its daily low of $0.3547. BLUR’s price drop also flipped its weekly performance into the red zone to -2.74%.

Meanwhile, the crypto’s 24-hour trading volume saw a sizable 142.83% increase. As a result, its volume stood at around $249 million at press time. BLUR’s market cap of $257,336,599 meant that it was ranked as the 111th biggest crypto in terms of market capitalization.

Daily chart for BLUR/USDT
Daily chart for BLUR/USDT (Source: TradingView)

From a technical perspective, BLUR had attempted to break above the next key resistance level at $0.4149 during yesterday’s trading session. Although the altcoin’s price was able to temporarily rise above the major price point, it was unable to close yesterday’s daily candle above this mark.

At press time, BLUR’s price was trading between the 9-day and 20-day EMA lines and was resting on the minor support level at $0.3506. If it breaks below this support during today’s trading session, then it may continue to drop to the crucial support level at $0.2916 in the following 24-48 hours.

On the other hand, if the altcoin’s price is able to remain above the $0.2916 level for the rest of today’s trading session, it may look to retest the aforementioned resistance level at $0.4149 in the next 24-48 hours. This potential attempt may result in BLUR’s price flipping the resistance level into support as well.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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