ZORA Token Shows Hidden Bullish Signals: What’s Next for the Price?
ZORA’s recent surge of 80% has drawn significant attention, especially as large holders, or whales, continue to add to their positions. This steady accumulation during a price rally suggests confidence rather than speculative trading. Currently, ZORA is consolidating near $0.12, raising questions about whether this is a pause before another push higher or a potential trend reversal.
Whales Keep Buying Despite Price Rise
On-chain data from Nansen reveals that during ZORA’s rapid price increase, exchange whales and prominent wallets kept accumulating tokens. This behavior is notable since whales typically sell to lock in profits during rallies, so ongoing accumulation signals belief in further upside. Additionally, over the past week, nearly 70 million ZORA tokens have moved off exchanges, reducing the amount available to sell.
Interestingly, “smart money” wallets known for precise market timing have slightly decreased their holdings, possibly contributing to the current price pause. However, the overall accumulation by whales supports the idea that the uptrend remains intact.
Hidden Bullish Signals Suggest Momentum Is Still Strong
Looking at shorter timeframes like the 4-hour chart reveals a hidden bullish divergence in the Relative Strength Index (RSI). While the price made a higher low, the RSI made a lower low—an indication that momentum has cooled but the underlying trend remains positive. This suggests the market is taking a breather without breaking the upward momentum.
ZORA currently trades within an ascending broadening wedge, a pattern often signaling a possible reversal but not definite yet. The upper resistance near $0.148 is the next major target. A break above this could lead to continued gains.
On the downside, support levels at $0.11 and $0.10 are crucial. Holding these could reinforce the bullish setup, backed by whale buying and NFT market activity. However, a drop below $0.09 would shift the outlook to bearish in the short term.
