Zora crypto price has become one of the best-performing tokens this month as demand among investors surges impressively. The token has jumped by nearly 2,000% between the lowest and highest points this year, bringing its market capitalization to over $424 million.
Why is the Zora Crypto Price Soaring
Zora is a relatively new crypto project in the Base ecosystem. It is a project in the social media space that enables users to earn by sharing posts.
In a post, Zora noted that the highest-earning creator coins have made over $14.9 million. The top five users earned over $42.9 million from the platform, a trend that will continue.
Zora price has soared after Coinbase launched The Base App (TBA), which is the new, redesigned Coinbase Wallet. The wallet now focuses on four key areas like social, chat, and trading. On social, the goal is to ensure that users are paid for their posts, which is where Zora comes in.
Each creator on Zora has a unique creator coin, each with a fixed supply of 1 billion. Creators earn ZORA tokens from the trading activity of their tokens and receive 10 million content coins per post instantly. These coins are now available for trading on Coinbase, the largest exchange in the United States.
Zora crypto price has surged as smart money continues accumulating. These investors hold about 12.5 million ZORA tokens, up by 710% in the last 30 days, a sign that they expect it to keep soaring. Public figures have boosted their holdings by 142% to 874,340.
At the same time, the amount of Zora tokens on exchanges has dropped by 8% in the last 30 days to 4.75 billion. That is a sign that investors are not selling their tokens, which is a bullish catalyst for the coin.
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Zora Price Technical Analysis
Zora price chart | Source: TradingView
The 12-hour chart shows that the Zora crypto token has jumped in the past few weeks, rising from a low of $0.0079 in July to a high of $0.1473, a nearly 2,000% surge.
Zora has flipped the important resistance level at $0.099, the highest swing on July 27. Moving above that level invalidated the highly bearish double-top pattern.
However, Zora has moved above the 50-period and 100-period moving averages. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.
Therefore, the token will likely have a major bearish reversal and retest the support at $0.099, which is about 25% below the current level. A move above the resistance at $0.1473 will invalidate the bearish forecast.
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