Blast Crypto Market Cap: A Potential for Doubling?
Blast (BLAST) is a crypto token that has garnered attention for its impressive liquidity and strong market cap. With a bullish sentiment among analysts, Blast aims to improve transaction speeds and reduce costs as an Ethereum layer 2 scaling solution. Offering unique features like auto-rebasing ETH and stablecoins backed by MakerDAO, Blast has attracted significant investment from notable investors, raising $20 million.
Market Cap and Liquidity:
The Blast crypto market cap has seen a 12% increase in the last 24 hours, showcasing the strong liquidity of the token. Ranked at #137 on CoinMarketCap, Blast boasts a market cap value of $404.396M, with 17% of the maximum supply in circulation. The fully diluted market cap sits at 2.384B, experiencing a 28% surge in price from its all-time low.
Derivatives Data Analysis:
Derivatives trading volume for Blast has seen a substantial uptick, reaching $2.14M in the last 24 hours. Interestingly, the long liquidation for Blast surpasses short liquidation, highlighting bullish sentiment and profit bookings in short positions.
Technical Analysis:
On the technical side, Blast's price has gained momentum, breaking crucial levels and indicating a potential for new highs. The 15-minute chart shows a falling wedge pattern, with the price breaking above it, signaling a possible uptrend. Key resistance levels to watch include $0.0250, which could pave the way for further gains.
Closing Remarks:
While Blast crypto presents exciting potential for doubling its market cap, technical indicators offer a mixed outlook. Despite bullish signals in derivatives data, the 15-minute chart reveals weaknesses, with the price trading below key EMAs and indicators like MACD and RSI showing uncertainty. Price levels to monitor for support and resistance include $0.0190, $0.0220, $0.0270, and $0.030.
In conclusion, Blast crypto's market cap doubling from its current levels is a plausible scenario, supported by strong liquidity and investor confidence. However, investors should remain cautious and conduct thorough research before making any financial decisions related to Blast or any other crypto token.
