Few tokens on Base are gaining some traction amid the latest bleeding, including Zora, which is now posting major gains in the past 24 hours. It currently appears strong daily, but remains neutral-bearish.
Zora has continued to find support above the $0.0088 level after several failed attempts to break lower in the past month. However, it managed to bounce back this week and rose with a major gain in the last 24 hours.
Looking strong on the day, the price is now approaching $0.012 due to a steady volume inflow today. As shown on the daily price chart, the price level looks close to last week’s high, where a sudden rejection occurred.
Breaking this high of $0.0139 could trigger a surge capable of activating a bullish move. Although it may face more hurdles on the way up before considering a major price movement in the near term. But looking at the price actions, Zora’s market structure is still considered neutral-bearish.
Failure to break through that mentioned high could result in another drop in the next few hours, with a potential break below the holding support level. This may cause a catastrophic loss if such a breakdown occurs. As it currently stands, it is too early to consider a bullish move.
Zora’s Key Levels To Watch
Source: Tradingview
Technically, the mentioned last week’s high is now considered as a key resistance level on the daily chart. A clear push above it could rally the price straight to $0.02 and $0.03. The $0.0414 level is a key high to watch for a major breakout.
Rolling back to the $0.0088 support level could trigger a breakdown to $0.006. The $0.004 level is the next stopover to watch for more dips.
Key Resistance Levels: $0.0139, $0.02, $0.03
Key Support Levels: $0.0088, $0.006, $0.004
- Spot Price: $0.011
- Trend: Neutral-Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/zora-token-price-analysis-prediction-june-4-zora-bounces-back-again-can-it-break-up-following-11-gains/