Zora price went parabolic on Monday, September 9, rising by 14% to reach its highest point since August 28.
Summary
- Zora crypto price rebounded amid sustained whale buying.
- The supply of Zora tokens in exchanges dropped to a record low.
- The market cap of top Zora creator tokens jumped to $38 million.
Zora (ZORA) token rose to $0.0830, up by 27% from its lowest point last week. It has also jumped by 895% from the year-to-date low.
Whales buy and exchange balances fall
Zora token rose as third party data pointed to more accumulation by whales and smart money investors.
According to Nansen, whales hold 8.34 million tokens, up from this months low of 4.41 million. Their holdings have jumped 56% in the last 30 days.
Smart money investors have also added to their positions. They now hold over 13.40 million tokens. Whale and smart money accumulation is a positive thing as it is a sign that they are confident it will continue rising.
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Zora also jumped amid growth across its network. CoinGecko data shows that the market capitalization of the top creator coins in the network jumped 33.6% to over $58 million. Kazonomics, the biggest creator in the network, has risen 462% in the last seven days.
Zora gained attention in July when Coinbase launched The Base App, the updated version of its wallet. Unlike the first version, the new app focuses on social media, chat, and trading. Zora is part of the ecosystem, allowing users to tokenize their posts.
Zora price technical analysis
Zora token chart | Source: crypto.news
The daily timeframe shows that the Zora crypto price jumped from a low of $0.00725 in July to the current $0.07800. The current price is along the 50% Fibonacci Retracement level.
Zora has also formed a falling wedge pattern, which often leads to a strong bullish breakout. Therefore, the most likely forecast is that it continues rising, with the initial target at the psychological level of $0.100, up 35% from the current level. A drop below support at $0.0665 will invalidate the bullish forecast.