Zora (ZORA) appreciated by 50% in the last 24 hours and broke above the weekly $0.10 resistance level after a wealthy player bought a large amount of ZORA tokens, anticipating the prices to fluctuate further to the upside. With the acquisition, ZORA broke above the $0.10 resistance level, which had been obstructing its movement towards higher altitudes. The token tested $0.10 a couple of times during the past week but was rejected both times. However, come Sunday, ZORA broke above the resistance level by gaining over 105% and rose above $0.13.
According to the Dune platform, it showed an unusual activity of 47,000+ coins created by more than 21,000+ content creators on Sunday.
ZORA defines itself as a decentralized social network that helps content creator monetize their creation. For instance, when an individual creates an account on ZORA, a token will be created with the ticker symbol of the account holder (creator coin). The creator coin will be pegged to ZORA and could be traded. Since each post is pegged to the creator coin, the more posts you have, the more ZORA tokens you will hold.
Meanwhile, ZORA has been on the trending list on CoinGecko for a week after Binance listed the token under derivatives for perpetual trading with 50X leverage.
Binance Content Creator, Crypto Ahmet wrote, “With the latest announcement, two new altcoins, ZORA (#zora ) and Tagger (#TAG ), are now available for trading by Binance users with a maximum leverage of 50x. This move reflects the diversification of sectors, with both social networking and data management-focused manufacturing finding a place in the futures markets.”
Meanwhile, ZORA is trading inside a bearish flag, making higher highs and higher lows. A bearish flag forms during a downtrend when prices drop sharply, then pause and move slightly upward or sideways in a small channel. This brief consolidation happens as some traders take profits, but selling pressure remains strong. Once the price breaks below the channel, the downtrend usually continues, often matching the size of the earlier drop.
Since the flag is not fully formed, ZORA might keep rebounding off of the upper and lower trendlines for some time before breaking downwards to the support at $0.075.
