🔶After a series of days being compressed, $ZORA just had an extremely strong breakout that woke up the traders. The price has surged over 13% to $0.0275, pulling along a trading volume explosion of 42% reaching $57.7 million. The market capitalization also climbed to $123 million, indicating that the incoming money is real cash rather than a fake pull.
🔶If any brothers catch this in the range $0.020 – $0.028, it's very smooth. This is an important support that the Buyers have fiercely protected; as soon as the price hits the lower boundary, there is buying force pushing back up immediately.
Key Level: As long as ZORA holds above $0.024, the bullish structure remains intact. The immediate goal is to break through the old highs at $0.058 and $0.10.
📊 Technical Indicator Support:
The ADX trend strength index has risen to 26, while the Buy side is dominating the Sell side. This confirms that the bullish trend is strengthening rather than being sideways.
🔶On-chain data is signaling very positively. Spot money is flowing out of the exchange at about $870K/day even as prices rise. This implies that holders are withdrawing coins to their wallets rather than rushing to liquidate for profits.
🔶However, Long/Short traders need to be cautious. Open Interest has increased by nearly 10% to $26.35 million, indicating that people are pumping margin in quite heavily. If the price stalls, it is easy for a liquidation sweep to occur to shake off weak leveraged positions.
This article is for reference only; it is not investment advice. Please read carefully and consider thoroughly before making any decisions.