The price of Zora token continues to fall, down 33% from its recent high. However, activity from major investors may raise hopes for a potential rebound.
Zora Price Dynamics
Zora token (ZORA) dropped 14% on August 28 to an intraday low of $0.083. This value is significantly below the weekly peak that was achieved earlier this week.
Increase in Investor Accumulation
Over the past 24 hours, there has been a notable increase in ZORA balances among whale wallets. According to blockchain analytics, the total volume of tokens held by such addresses rose from 5.14 million to 9.55 million, marking an 86% increase. This surge is often seen as a buy signal among retail investors.
Falling Wedge Pattern Formation
On the 4-hour chart, Zora has formed a falling wedge pattern, which may indicate a potential bullish reversal. The token is approaching the upper resistance line around $0.090, and breaking above this level could signal a recovery. However, technical indicators like the Supertrend are showing ongoing bearish pressure.
Zora's price remains under pressure, but increased activity from major investors and the formation of potential reversal signals may indicate future growth for the token.
