TLDR
- ZORA has surged nearly 50% in the past 24 hours, pushing its market cap to $450 million
- Trading volume increased to $284 million on Sunday from under $160 million a day prior
- Major exchanges including Binance have introduced ZORA perpetual contracts with leverage up to 50x
- The token has gained over 114% in the past week, positioning it among top market performers
- Technical indicators show overbought conditions with RSI at 77.08, though MACD signals continued bullish momentum
Zora (ZORA) has experienced a remarkable price surge in the past 24 hours, climbing nearly 50% to over 13 cents. This latest jump extends a week-long rally that has seen the token gain over 114% in value, pushing its market capitalization to $450 million.
The price action occurred without any obvious news catalyst, suggesting that a wealthy market participant may have purchased a large amount of tokens in anticipation of future upside volatility.
On-chain data supports this theory, showing a spike in coin creation activity on Sunday. The network recorded 47,000 issuances from 21,000 creators, reaching the highest levels since July 31.
ZORA’s trading volume has also seen a substantial increase, rising to $284 million on Sunday from less than $160 million the previous day. This represents a volume increase of approximately 52%.
The token is currently trading at $0.1323, positioning it among the top performers in the cryptocurrency market this week.
Exchange Listings Boost Liquidity
A key factor driving the recent price action appears to be the introduction of ZORA perpetual futures contracts on major cryptocurrency exchanges, including Binance. These new trading instruments offer leverage of up to 50x, which has widened access and drawn speculative capital into the market.
The availability of these derivatives has likely improved market efficiency by compressing spreads and deepening liquidity for both spot and leveraged positions in the Base ecosystem token.
Zora operates as an OP Stack Layer 2 solution built specifically for creators and media minting. The platform received a boost in mid-July when it was added to the “Base App” discovery flow, improving retail access and stimulating creator-side activity.
Technical Indicators Show Mixed Signals
From a technical analysis perspective, ZORA shows signs of being in overbought territory. The Relative Strength Index (RSI) currently sits at 77.08, above the 70 threshold that traditionally signals overbought conditions.
Despite this, the Moving Average Convergence Divergence (MACD) indicator suggests that the bullish momentum may continue. The MACD line remains above the signal line, supporting the strong upward trend.
Market data from CoinGlass shows that open interest in ZORA has increased by 43.49% to $155.36 million, while overall market activity has grown by 67.27% to $927.75 million.
The token was initially launched in April through a retroactive airdrop to early users, which has resulted in a relatively tight free float of available tokens in the market.
Crypto analysts point out that ZORA has broken through key resistance levels at $0.1250 and $0.1300, and may now be targeting its all-time high.
For the rally to maintain its bullish pace, the token needs to stay above the $0.08800 support level, according to market experts.
While the short-term outlook remains positive based on technical factors, traders should be aware that the current overbought conditions could lead to price pullbacks as early investors begin taking profits.
The ZORA token’s latest price surge represents one of the strongest performances in the cryptocurrency market this week, attracting increased trader interest and market participation.
The post Zora (ZORA) Price: Token Surges Nearly 50% in 24 Hours on Increased Trading Volume appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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