Can Blast Crypto Market Cap Double From Its Current Levels?

• The Blast crypto has huge liquidity based on its market cap.
• The crypto sentiment is bullish, according to analysts.

Blast (BLAST) is an Ethereum layer 2 scaling solution designed to enhance transaction speeds and reduce costs.

It offers native yield opportunities for ETH and stablecoins, with unique features like auto-rebasing ETH and stablecoins backed by MakerDAO. Developed by Tieshun “Pacman” Roquerre, it has raised $20 Million from notable investors.

The Blast crypto market cap has advanced by 12% in the last 24 hours, while the value of the traded volume for the crypto is static. This further results in a huge liquidity of 173,% which makes it easier to execute orders with minimal price change.

The market cap ranking is #137 per CoinMarketCap, followed by a market cap value of $404.396M. Additionally, 17% of the maximum crypto supply is in circulation. 

The fully diluted crypto market cap further is 2.384B at the time of writing, followed by a surge of 28% in the crypto price from its all–time low. 

Blast Crypto Derivatives Data Analysis

A huge surge in the derivatives trading volume of the crypto has been recorded in the last 24 hours from the press time. This has further resulted in a traded value of $2.14M, which shows the huge engagement of crypto traders. 

The long liquidation recorded for the Blast crypto in the last 24 hours is much higher than the short liquidation of the crypto. Additionally, the recorded long liquidation for the crypto is worth $7.93K, and the short liquidation for the crypto is worth $29.8K.

The following behavior of the derivatives shows the dominance of bulls in crypto, followed by profit bookings in crypto’s short positions.

BLAST Crypto Technical Analysis

The price of the BLAST crypto is gaining strong momentum and has broken above crucial levels, which might lead to new highs.

The crypto price declined on the 15-minute BLAST crypto timeframe chart, leading to a falling wedge pattern. The crypto price further broke out above the falling wedge pattern formed on the crypto chart.

As the crypto price has broken above the falling wedge pattern, it further shows a higher possibility of advance in the crypto trading price.

Moreover, there is a strong change of character level at the level of $0.0250, and if the price of the crypto price further breaks above the given level, it might lead to new highs soon. 

BLAST/USD Chart by TradingView

Blast crypto price traded below the 20-day and the 50-day EMAs on the 15-minute chart. This shows weakness in the trading price of the crypto’s trend.

The MACD and the signal line are trading in the negative territory, followed by the MACD and the signal line overlapping. 

The RSI further has sustained below the 50-level while it has sustained above the 14–day SMA. This shows uncertainty in the trading price of the crypto, followed by a bearish outlook.

Closing Remarks on Blast Crypto Market Cap Current Levels

The Blast crypto market cap could potentially double due to its huge liquidity, bullish sentiment, and strong investor backing. 

However, recent technical indicators show mixed signals. While derivatives data indicates bullish dominance, the 15-minute chart shows the price trading below key EMAs, MACD in negative territory, and RSI indicating uncertainty.

The Blast crypto price might take support at the levels of $0.0190 and $0.0220, and if the price starts to rise, it may face resistance at the levels of $0.0270 and $0.030.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.