Zora Price Surge Fueled by Coinbase CEO: ATH in Sight?

Zora price is making waves! Fueled by whale activity and Coinbase CEO Brian Armstrong's investment, can ZORA reach a new all-time high?

Zora Price Surge Fueled by Coinbase CEO: ATH in Sight?

Zora (ZORA) is turning heads in the crypto world! Whale wallets are bulking up, and even Coinbase CEO Brian Armstrong is getting in on the action. But is this enough to push ZORA to a new all-time high?

ZORA's Bullish Momentum

ZORA price is tracking toward a potential new ATH after Coinbase CEO bought into one of its creator coins, adding fuel to the token’s bullish momentum. After peaking just below $0.15, Zora (ZORA) price has pulled back to establish a higher low around $0.080. Sharp rejection occurred at $0.127, marking it as a clear supply zone, while the 7 EMA on the daily chart is acting as a demand area.

The buzz around ZORA really kicked off recently, with the price jumping 109% in a single week and hitting a new all-time high (ATH) of $0.1409. Whale wallets have increased their holdings by 16% in just seven days, which is definitely something to watch.

Coinbase CEO's Influence

The Zora ecosystem got a boost when Coinbase CEO Brian Armstrong bought BALAJIS, one of the creator coins within the Zora ecosystem. Since all creator coins on Zora are paired with ZORA itself, any increase in demand for creator coins can directly drive up the buy pressure on ZORA.

On-Chain Insights and Derivatives Data

Whale wallets have been the clearest bullish signal, increasing holdings from $29 million to $33.97 million since August 4, a 16.61% rise. This accumulation has coincided with reduced supply on exchanges, which now hold 4.56 billion tokens, down 1.88%. But it's not all sunshine and rainbows. Derivatives data adds a layer of caution, with open interest spiking 47% and funding rates turning negative, signaling an increase in bearish bets.

Zora Price Analysis

ZORA’s price breakout above the $0.10 resistance last week triggered a parabolic run to $0.1409. The current price action shows support around $0.10 and $0.09, with the next key resistance remaining $0.1432. If ZORA price can break above $0.127 with strong volume, it has a legitimate shot at retesting $0.14 and setting a new ATH.

The Road Ahead

So, what's the verdict? ZORA has some serious momentum, thanks to whale activity and Coinbase CEO Brian Armstrong jumping on board. If ZORA can smash through that $0.127 resistance with solid volume, a new ATH might just be around the corner.

Keep an eye on those whales and that derivatives data, though. Crypto is never boring, is it?