Zora’s Price Takes a Dive, but Whales Signal Potential Rebound
On Thursday, Zora’s (ZORA) price took another hit, falling for a fourth consecutive day.According to crypto.news, it dipped by 14% to $0.083 during the early hours in Asia.This decline puts the token 33% below its weekly peak.
The initial boost came earlier this week when Coinbase CEO Brian Armstrong bought BALAJIS, a coin under Zora’s ecosystem. However, as the hype faded, so did the price.
despite the downturn, large investors, known as whales, seem interested. Over the past 24 hours, Nansen reports that whale wallets now hold 9.55 million ZORA tokens, up 86%.
- This meaningful hike in whale holdings is frequently enough seen as a positive sign by smaller investors.
- A buying frenzy triggered by fear of missing out (FOMO) could lead to a short-term price bump.
On the technical front, Zora’s price forms a falling wedge on the 4-hour chart.This pattern signals a potential bullish reversal. The token is nearing a critical point around $0.090. A triumphant breakout here could mark the start of a recovery.
However, caution is advised. The Supertrend indicator turned red, signaling bearish pressure. The MACD shows negative momentum too. It seems ZORA might dip to $0.080 before bouncing back.
If ZORA breaks above the wedge cleanly, it could see a climb to $0.11. With continued strength, it might even reach $0.145, revisiting its previous high.
