After taking a little break from last month’s dip, Zora continued to plummet and failed to initiate a bullish rally. Although it recently saw a small recovery, it is back on a sell after a sudden increase yesterday.
During the last buying phase, which brought a major recovery in several altcoins’ prices, Zora found it difficult to join the rally due to a consistent reduction, and it remained bearish with no major gains throughout April.
This triggered a lot of fear, uncertainty and doubt- FUD among holders as the price continues to dip, but luckily for them, the $0.008 level stood well in the second week of this month. Since then, it remained relatively indecisive with little-to-no movement while the crypto market bled.
Following Monday’s sudden surge in volatility, Zora’s price went up by over 20%, but quickly lost steam after almost testing the $0.014 level. Bringing an ill-gain due to the wick rejection, it now trades flat at $0.01. A recovery above that rejected level could fuel a fresh increase daily.
Otherwise, Zora may remain indecisive until it initiates a fresh surge. A drop below the current monthly low could trigger a fresh decrease until it finds a new low. Technically, the trend is still considered bearish on the daily chart. There’s no sign of a trend shift at the time of writing.
Zora’s Key Levels To Watch
Source: Tradingview
Anticipating a bearish move, Zora must reclaim the mentioned monthly $0.0088 low before we can consider a dip to $0.006. The lower level to watch for drops would be $0.004.
In case of a trend shift, it must retake the weekly high of $0.0139 before advancing to the $0.02 level. An increase above this level could rally us to the $0.025 and $0.03 levels in the future.
Key Resistance Levels: $0.0139, $0.02, $0.03
Key Support Levels: $0.0088, $0.006, $0.004
- Spot Price: $0.01
- Trend: Bearishp
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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