According to Lookonchain, crypto investor Machi Big Brother has been selling ApeCoin (APE) and replacing it with Blur (BLUR). Based on the post shared on X, Machi bought 75,881 BLUR tokens on January 17.
However, that was not the first time he did. In August 2023, the investor bought $9.34 million worth of APE, and after the value rose to $10.4 million, he sold. Then, in November 2023, he purchased $6 million worth of BLUR from the profits at an average price of $0.51.
More BLURs, Fewer APEs
At press time, Machi owns 250,000 APE and has made $1.4 million in profits selling the token for BLUR.
Machi Big Brother continues to sell $APE and buy $BLUR!
He started buying $BLUR on Nov 23, 2023 and has bought a total of 11.8M $BLUR($6M) at an average price of $0.51 so far.
Since August 2, 2023, he has bought 6.12M $APE($9.34M) from #Binance and #DEX at an average price of… pic.twitter.com/jJdH38B1ga
— Lookonchain (@lookonchain) January 16, 2024
Both BLUR and APE are tokens related to the NFT ecosystem. While BLUR is the native token of the Blur NFT marketplace, ApeCoin acts as the governance token of NFT collection Bored Ape Yacht Club (BAYC).
So, Machi’s actions tilt toward the notion that he was more bullish on BLUR than APE. The conviction could also be taken from the price action of the cryptocurrencies. For instance, APE’s price has decreased by 9.99% in the last 30 days. BLUR, on the other hand, has gained 54.53% within the same period.
However, the last 24 hours have been in favor of APE. According to CoinMarketCap, the price rose by 2.82% while trading at $1.47. BLUR, on the other hand, stalled at $0.67 despite its previous impressive performance.
Coin Edition’s recent report noted that APE could rise toward $1.60 over the coming days. So, here, we will take a look at BLUR from a technical angle.
BLUR to Hit New Lows
According to the 4-hour BLUR/USD chart, the price was overbought on January 16, as indicated by the RSI. It was on the same day that the price rose to $0.73. At press time, the RSI had dropped to 59.63, indicating that buying momentum had decreased. Should this continue to be the case, BLUR could drop as low as $0.61. If profit-taking further increases, the cryptocurrency might fall below $0.60.
However, there was strong support at $0.55, which could ensure that the price ranges between $0.55 and $0.63 in the short term.
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