Zora Crypto rose to a new all -time $ 0.14 on 11 August when the whale interest rose, but gowned signs suggest that the rally could no longer have any steam.
Summary
- Zora reached a record high of $ 0.14 and has risen by 160% this month.
- Whale wallet holdings for Zora has risen over the past 7 days.
According to data from crypto.news, Zora (Zora) came to a record high on Monday 11 August, with its market capitalization at the time of the press of more than $ 436 million. For this price it is currently more than 160% compared to the low and approximately 1,600% of this month above the lowest point in July.
Why did Zora gather?
Zora’s rally seems to be powered by renewed interest of whale investors.
Data from Nansen shows that the total balance of Whale Wallets has risen by 16.4% since 4 August and climbs from almost $ 29 million to $ 33.9 million. This sharp increase in investments on large holders often means the growing trust of influential market participants.
In many cases, retail traders interpret such movements as a bullish cue, so that they enter the market in the hope of making a profit with such rallies.
Another factor that seems to support Zora’s meeting is the growing momentum in the basic ecosystem, where token plays a central role in a new “creator coin” economy. On the basic app, every social message automatically activates the smart contracts of Zora to connect a unique ERC-20 token to that content in Mint. These tokens become immediately tradable, where makers earn part of the delivery and transaction costs.
Since the relaunch of the app, this model has generated more than 2 million maker from the maker, attracted nearly 3 million traders and out of $ 512 million in trade volume data Dune Show.
The rapid acceptance of the Creator Coin System stimulates consistent activity on the chain and strengthens the value of Zora as a core income engine in the basic ecosystem, so that investors have a tangible growth story for price.
Zora price in danger if the financing percentage turns negatively
However, the current Zora price jump is confronted with some potential risks that the current rally can hinder.
According to CoinglassOpen interest in Zora Futures has risen by 47% in the last 24 hours, which has a sharp rise in lever trade. At the same time, the weighted financing percentage has become negative, which means that short sellers pay long holders.
This shift points to a structure of bearish bets, in which traders are increasingly expecting that the price of the token of current levels will fall.
More signs of this Bearish tilt appear when looking at where traders position themselves in the Futuresmarkt of Zora. The long/short ratio was lower than 1 at the time of writing, indicating that short positions exceed the number of lungs. This imbalance can strengthen the sales pressure if sentiment deteriorates.
Unless the question of whales and retail traders remains strong enough to absorb that pressure, Zora can find it difficult to maintain its profits in the vicinity of record highs, especially since crypto activa is often confronted with a short sale after reaching new peaks while early investors capture profit.
Zora Price Analysis
Zora has been a pattern with a round bottom since the beginning of July, a bullish formation that often marks the shift from a downward trend to an upward trend. On the 4-hour graph the neckline is $ 0.095, with the bottom at $ 0.052. The token broke above the neckline yesterday and attached the pattern.
At the same time, Zora broke from an increasing parallel channel, another bullish structure characterized by higher highlights and higher lows. Such breakouts usually point to strengthening the upward momentum.
After these breakouts, Zora rose past the target of the round bottom of $ 0.139 before he withdraws to $ 0.133 at the time of writing. Momentum indicators remain largely positive, with the Aroon at 92.86% and the Aroon with 0%, which shows that recent highlights are formed while lows are far away.
The relative strength index, however, is 81, deep in overbough territory, and has begun to become lower. This suggests that buying Momentum is weakened and that a price correction on the horizon can be.
If a pullback occurs, the first major support is located near $ 0.10, which matches the 61.8% Fibonacci retracement level. A break under this zone can lead to a deeper decrease to $ 0.073, a support level that has kept for several weeks.
On the other hand, if Zora is back from $ 0.10 and it changes to support, the bullish trend can resume, making the price possibly push to the psychological resistance level of $ 0.15 and set a new of all time.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
