Ah, the tale of Zora, a token that has taken a nosedive for the fourth consecutive day, like a clumsy bird trying to fly but forgetting how! On this fateful Thursday, it plummeted from its lofty heights, leaving many to wonder: could the mighty whales, those great lords of the crypto sea, be preparing to hoist this ship back to the surface?
- Lo and behold! ZORA’s price has dropped nearly 33% from its weekly high, a true spectacle of financial gymnastics.
- In a twist of fate, whale wallets have been bulking up on ZORA like it’s the last slice of pizza at a party.
- Our dear token has been dancing within a falling wedge on the 4-hour chart, a shape that sounds more like a bad haircut than a bullish signal.
According to the wise sages at crypto.news, Zora (ZORA) took a 14% tumble to an intraday low of $0.083 on the morning of August 28, as the sun rose over Asia. At this price, it remains a staggering 33% below its weekly high, which was fueled by none other than Coinbase CEO Brian Armstrong’s purchase of BALAJIS, a creator coin in the Zora ecosystem. Talk about a rollercoaster ride!
As the initial hype faded faster than a magician’s rabbit, ZORA found itself in a downtrend, unable to surpass its previous all-time high of $0.145 from August 11. But wait! There are whispers in the wind that ZORA might just be gearing up for a bullish reversal. Could it be? 🤔
Notably, the whales have returned, and they’re not just splashing around; they’re accumulating! Data from the blockchain oracle Nansen reveals that the total balances of ZORA tokens held by these aquatic giants have surged from 5.14 million to 9.55 million in just 24 hours. An 86% jump! It’s like watching a buffet line at a family reunion!
This whale accumulation is often seen as a beacon of hope for retail investors, who, driven by FOMO and dreams of riches, rush in like kids to a candy store. If ZORA follows suit, a rebound could be on the horizon!
Behold! Zora’s Price Forms a Falling Wedge
On the 4-hour chart, Zora’s price has crafted a falling wedge pattern over the past five days, a structure that, in the world of crypto, is often viewed as a bullish reversal signal. It’s like a flower trying to bloom amidst a storm!
As we pen this tale, ZORA is inching closer to a breakout above the upper trendline near the $0.090 level. A confirmed move above this resistance could open the floodgates to a short-term recovery. But hold your horses!
Technical indicators, those fickle friends, paint a more cautious picture. The Supertrend indicator has turned red, hovering ominously above the current price, signaling ongoing bearish pressure. It’s like a rain cloud that just won’t go away!
Moreover, the Moving Average Convergence Divergence remains in bearish alignment, with the signal line perched above the MACD line, both trending downward. Sustained negative momentum? Oh, what a delightful mess!
Given this setup, ZORA’s price is more likely to correct and drift towards its local support at $0.080 before any meaningful rebound occurs. But fear not! If ZORA manages to confirm a clean breakout above the wedge pattern by the end of the trading session, it could potentially recover to $0.11, a level that aligns with the 61.8% Fibonacci retracement from its recent high. A sustained breakout beyond this level could pave the way for a glorious retest of the August 11 high at $0.145. The drama continues!
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2025-08-28 11:01