Zora's price shows a strong upward trend, nearing its all-time high following its listing on Binance Futures. This article explores the reasons behind this increase and future predictions.
Overview of Zora's Growth
Zora's price jumped to $0.054, up over 600% from its June low and just shy of its all-time high of $0.06293, with a market capitalization of $194 million.
Impact of Binance Listing
The price surge came after Binance Futures' decision to list the token with 50x leverage, resulting in a spike in daily trading volume to over $230 million amid high demand. This trend is common for cryptocurrencies listed on major exchanges.
Technical Analysis and Predictions
Technically, Zora has formed a highly bullish cup-and-handle pattern, with the top side at $0.025. However, there is a risk that the token may undergo a mean reversion, potentially pulling back to $0.025, representing a 52% drop from current levels.
Zora's price growth is driven by the cryptocurrency's popularity and its integration into the Base ecosystem. However, investors should exercise caution due to the possibility of price corrections in the future.
