ZORA Skyrockets 94% in 7 Days—Can It Smash Through $0.1849 Resistance?
ZORA’s price is mooning—up a staggering 94% in just one week. Traders are now eyeing the $0.1849 resistance level like hawks. Will it break through or face a classic crypto pullback?
Fueling the rally: speculative frenzy or real utility? Either way, the charts don’t lie—this altcoin’s got momentum. But remember, in crypto, what goes up fast often comes down faster (ask your 2021 NFT portfolio).
Key level to watch: $0.1849. Break it, and bulls could charge. Fail, and well… enjoy the ride back down. No matter what, strap in—it’s gonna be volatile.
- ZORA rises 99.3% in a week despite experiencing a recent one-day correction.
- The price is trading in a tight range near key Fibonacci support and resistance.
- Narrowing Bollinger Bands indicates a breakout to come.
- A decrease in open interest implies weak market sentiment.
ZORA has maintained a strong uptrend over the weekly or daily charts. Over the last 24 hours, the token is up by 7.64%, and weekly performance remains strong, with an upsurge of 99.3%.
At the time of writing, the token is trading at $0.1185, giving it a market capitalization of $382.99 million. Over the past 24 hours, trading activity reached $279.46 million, down 6.12%. This indicates consolidation following the tremendous bullish rally earlier in the week.
ZORA Resistance Levels Could Trigger Surge
ZORA is trading between $0.113 and $0.118, staying close to the 0.236 Fibonacci retracement level at $0.1127, which is acting as short-term support. On the upside, resistance sits at $0.1181, the Bollinger Band SMA, and at $0.1267, the upper Bollinger Band.
A break above these levels could send the price toward $0.1437, with further potential to reach $0.1643 or even $0.1849 if momentum picks up.
The Bollinger Bands have narrowed, often a sign that volatility is fading before a decisive move. The RSI stands at 46.77, just below the neutral 50 level, showing mild weakness but no strong bearish pressure.
It is also close to its SMA reading of 48.08, suggesting sentiment could swing quickly. The MACD remains slightly in bearish territory, but a flattening histogram hints at a possible bullish crossover if buyers return.
Open Interest Rises Slightly Amid Rally
Open interest has risen 2.49% to $107.37 million, indicating traders are adjusting positions after the rally. This often happens when participants lock in gains and wait for new entry points.
The OI-weighted sentiment is at -0.0061%, pointing to a neutral market stance with a slight lean toward bearishness. This shows that while the price is still holding NEAR recent highs, traders are not showing strong conviction in either direction.
The combination of falling open interest and subdued sentiment suggests the market may be in a pause, with participants watching for a clear signal before committing to new positions.
