ZORA price is eyeing a potential new all-time high after the Coinbase CEO purchased one of its creator coins, giving fresh momentum to the token.
Following a recent rally that peaked just below $0.15, ZORA retraced to form a higher low near $0.08, briefly dipping below the previous swing-high resistance turned support and slipping under the 20-day EMA—the first such break since the July rally.
The token has since reclaimed the 20-day EMA, surging over 30% from that low in a single day and maintaining most of those gains in subsequent sessions. Resistance has emerged at $0.127, a clear supply zone, while the 7-day EMA on the daily chart continues to act as a key demand area.
Technical indicators point to continued bullish momentum: the RSI sits at 60, signaling room for growth, while the MACD’s bearish pressure is easing, with a bullish crossover on the horizon. Market activity is picking up, with 24-hour trading volume spiking 85% and open interest rising 1.74% to $91.46 million.
If ZORA can push past $0.127 on strong volume, it could retest $0.14 and potentially set a new all-time high.
What’s driving ZORA price?
Adding to the bullish technical outlook, ZORA received a new catalyst yesterday when Coinbase CEO Brian Armstrong purchased BALAJIS, a creator coin within the Zora ecosystem. Notably, all creator coins on Zora are paired with ZORA, so any increase in demand or visibility for these coins can translate directly into buying pressure on ZORA itself.
Looking at sentiment from derivatives data, the 24-hour long/short ratio is 0.9635, reflecting a slight tilt toward short positions. However, smart money appears more optimistic, with top traders’ positions by size favoring longs—the long/short ratio among this group sits at 1.5464, according to Coinglass.
