ZORA price is closing in on a key psychological resistance at $0.120 after rallying nearly 26% following news of its Upbit listing. A breakout above this level could open the door for a potential 50% upside.
Summary
- ZORA price rallied by 37% after Upbit announced it would list the token.
- Zora’s launch of a creator-focused fund and its growing utility on the Base app supported its gains.
- The token is eyeing a 50% upside on a decisive breakout above the $0.120 resistance level.
According to an official announcement on Oct. 17, Upbit, South Korea’s largest cryptocurrency exchange by trading volume, revealed it will list ZORA with trading pairs against KRW, BTC, and USDT on the Base network.
Listing on a major exchange like Upbit typically drives greater visibility and credibility to a token and its ecosystem and sparks strong investor interest and short-term rallies driven by heightened demand.
In ZORA’s case, the token surged by as much as 37%, climbing from $0.085 to an intraday high of $0.11, before paring back some gains and settling at $0.105 at the time of writing.
Besides the premier exchange listing, multiple other developments have contributed to the bullish momentum surrounding Zora (ZORA).
Zora network has recently introduced the ‘Believe Fund,’ a new initiative aimed at accelerating its vision of a creator-focused economy. The fund will allocate 20 million ZORA tokens to support emerging creators and projects within the ecosystem, helping deepen liquidity for creator coins and encourage broader community participation.
On top of that, Zora’s creator coin program itself has noticeably increased demand for ZORA tokens, which are needed to launch creator coins and pay for minting fees, and was recently launched on Coinbase’s Base app, which has once again spurred demand for the altcoin.
As of press time, data from Santiment showed that social sentiment surrounding the ZORA token has remained positive over the past three days. However, this optimism could be tested as the project approaches an upcoming token unlock.
According to data from Tokenomist, the network will release 166.67 million ZORA tokens into circulation on Oct. 30, a figure that represents around 1.67% of the total supply.
Token unlock events tend to increase the total circulating supply of the related token, which in turn leads to short-term selling pressure on its price driven by early holders or speculators who may sell to realize profits. This could temporarily weigh on the token’s upward momentum.
On the four-hour chart, ZORA’s price was just shy of reaching the $0.120 psychological resistance level, which has acted as a ceiling since September this year.
This resistance zone sits just above the neckline of a double bottom pattern, which ZORA breached during its rally earlier today. A breakout from this type of formation typically signals the beginning of a strong upward move.
Technical indicators also seem to strengthen the bullish setup. The 50-day and 200-day simple moving averages have formed a golden cross, a technical indicator that is often seen as a sign of potential sustained rallies.
If ZORA successfully confirms a breakout above the $0.120 resistance, it would further validate the bullish setup and potentially propel the price toward $0.155, up 50% from the current price. The target is derived by measuring the height of the double bottom formation and projecting it from the breakout point.
On the flip side, if ZORA fails to hold the $0.097 support, which aligns with the 61.8% Fibonacci retracement level, it could invalidate the bullish structure. The token may also face a trend reversal, with the next support level likely found around $0.084, which marks the base of the previous double bottom.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
