Zora Token Faces Setbacks but Encouraging Signs Emerge
Zora’s price has been receding for four consecutive days. On Thursday, it plunged considerably from its nearly all-time high. Despite this setback, there are hints that a rebound might be imminent.
The ZORA token tumbled by 14%, reaching an intraday low of $0.083 on August 28th during Asian morning trade. This decline places it 33% below its peak price achieved just a few days ago,following the excitement around Coinbase CEO Brian Armstrong’s acquisition of BALAJIS,a coin linked to Zora’s platform.
However, large investors, known as whales, have become increasingly active. According to Nansen, the amount of ZORA held by whale wallets has soared from 5.14 million to 9.55 million, marking an 86% surge in 24 hours. Retail investors frequently enough interpret such substantial accumulation as a positive sign, fueling buying frenzies and hoped-for price hikes.
On the 4-hour chart, ZORA is forming what traders call a “falling wedge,” a formation that usually precedes a bullish turnaround. If the price breaks through resistance near $0.090, it could see a short-term recovery.
- Technical indicators remain cautious though. The Supertrend indicator signals bearish pressure, while the MACD suggests ongoing negative momentum.
- It’s possible ZORA may fall back to $0.080 before reversing. Prosperous breakout could push prices toward $0.11, matching a key Fibonacci retracement level.
If the elevated interest translates into sustained buying, ZORA could reach its all-time high of $0.145. Always remember,these analyses don’t constitute investment advice.
