Zora Price Soars 73.8% After Robinhood Listing, Bulls Eye $0.12

Zora Price Rally Accelerates After Robinhood Listing and Whale Surge.

Zora (ZORA) price has witnessed an explosive 73.8% rally in the past 24 hours, soaring to $0.0926 after its surprise debut on Robinhood. The move marks a pivotal moment for the fast-growing token, which previously launched on Binance Futures in July. The trading activity also surged to $569 million, a whopping 785% surge, temporarily exceeding its capitalization of $455 million.

Zora Price Soars as Robinhood Listing Ignites Retail Frenzy

The resulting spike in prices was caused by the influx of retail investors who were attracted by the accessibility of the token. The listing of Zora in Robinhood exposed the company to millions of millions of retail investors and immediately increased the liquidity and visibility of Altcoin. 

The sharp increase in the token is also correlated with the speculation of a more active role of Coinbase in the Base network, where Zora represents one of the top projects in the creative ecosystem.

In addition to the Robinhood announcement, technical indicators show that the setup is bullish. it just had a breakout of a falling wedge pattern, which is a traditionally positive indicator, indicating that a short-term target may be at $0.115, with a further 40% rise.

Whale wallets are seen to be adding to the bullish. According to the statistics of Nansen, the big holders have added 37% to their ZORA holdings after the listing and have risen to 8.72 million tokens.

This burst of accumulation is an indication of developing institutional and high-net-worth confidence in the direction of the project. Analysts observe that the buildup of whales is a common pattern that predicts long-term rallies, particularly when there is good trading volume and retail sentiment.

The token has shot more than 900% since it hit its low of 0.00777 in June, and at this point, it is about 36%  of its high of 0.1471 in August. The listing propelled Altcoin to the spot as the lowest market cap asset in Robinhood, which had a valuation of $150 million on debut, way lower than most other assets.

ZORA Price Gains Momentum as Bulls Target the $0.12 Level

The price has continued its sharp upward trajectory, gaining almost 90% in the past week. The token is currently trading near $0.105, maintaining a strong bullish channel on the 4-hour chart

Technical indicators confirm robust bullish momentum. The MACD indicates the increasing positive bars, and the MACD line is above the signal line. 

This arrangement is an indication that the bullish feeling is still prevailing. An overbought condition is indicated by the RSI reading of above 86, which means a possible bullish trend.

Source: Tradingview

The price has overcome the most important resistance at the price of 0.08, and has become a new support level. The second significant resistance is at about $0.12, where the trend would be known to either carry on with the rally or consolidate. Beyond $0.12 breakout may clear the way to a further medium-term advancement. breakout above $0.12 could open the path toward a stronger medium-term uptrend.