Zora extended its losing streak to a fourth straight session on Thursday, sliding sharply from its recent near-record high. Still, growing whale accumulation suggests the token may be setting up for a rebound.
Per data from crypto.news, ZORA fell 14% to an intraday low of $0.083 on Aug. 28 during Asian trading hours. That level leaves the token down 33% from its weekly peak hit on Monday, a rally fueled by Coinbase CEO Brian Armstrong’s purchase of BALAJIS, one of Zora’s creator coins.
The hype-driven surge quickly lost steam, with ZORA failing to retest its Aug. 11 all-time high of $0.145. However, on-chain signals point to a potential turnaround. According to blockchain analytics platform Nansen, whale holdings of ZORA climbed from 5.14 million to 9.55 million tokens in the past 24 hours—an 86% increase—highlighting renewed accumulation during the recent dip.
A surge in whale accumulation is often interpreted by retail traders as a strong buy signal, sparking FOMO-driven entries in anticipation of short-term price gains.
If this pattern holds true for ZORA, the token may soon stage a rebound from its recent decline.
Zora price pattern signals a falling wedge
On the 4-hour chart, Zora has developed a falling wedge pattern over the past five days—a formation often seen as a bullish reversal signal. The setup features converging downward-sloping trendlines, indicating that selling pressure is gradually losing momentum.
At press time, ZORA is testing a breakout above the upper wedge trendline near $0.090. A decisive move above this barrier could set the stage for a short-term recovery.
Still, technical indicators suggest caution. The Supertrend has flipped red and now sits above the price, reflecting persistent bearish pressure. Similarly, the MACD remains in a bearish setup, with the signal line above the MACD line and both trending lower—signs of sustained negative momentum.
Given these conditions, ZORA appears more likely to retest its local support at $0.080 before mounting any meaningful rebound.
That said, a confirmed breakout above the wedge by the end of the current session could open the path toward $0.11, aligning with the 61.8% Fibonacci retracement of the recent downswing. A stronger rally beyond that level may even clear the way for a retest of the Aug. 11 peak at $0.145.
