The blue bar is the opposite of the red bar, so it hampers damage and provides a movespeed boost, while red hampers movespeed and provides an offensive boost. The spacebar active debuffs the enemies as well, red reduces their attackspeed/damage, while blue reduces their movespeed and can even stop them in place.
Thanks for playing! :D What score did you get up to? Did you manage to fight and/or beat the boss?