Introduction to Zora’s Price Surge

Zora price went parabolic on Monday, September 9, rising by 14% to reach its highest point since August 28. This significant increase has sparked interest in the cryptocurrency, with its token rising to $0.0830, up by 27% from its lowest point last week. Moreover, it has jumped by 895% from the year-to-date low, indicating a substantial growth in value.

Whale and Smart Money Accumulation

The Zora token rose as third-party data pointed to more accumulation by whales and smart money investors. According to Nansen, whales hold 8.34 million tokens, up from this month’s low of 4.41 million. Their holdings have jumped 56% in the last 30 days. Smart money investors have also added to their positions, now holding over 13.40 million tokens. Whale and smart money accumulation is a positive sign, indicating confidence in the token’s continued rise.

Network Growth

Zora also jumped amid growth across its network. CoinGecko data shows that the market capitalization of the top creator coins in the network jumped 33.6% to over $58 million. Kazonomics, the biggest creator in the network, has risen 462% in the last seven days. This growth suggests increasing adoption and interest in the Zora ecosystem.

Zora’s Recent Attention

Zora gained attention in July when Coinbase launched The Base App, the updated version of its wallet. Unlike the first version, the new app focuses on social media, chat, and trading. Zora is part of the ecosystem, allowing users to tokenize their posts. This integration has likely contributed to the recent surge in interest and price.

Technical Analysis

The daily timeframe shows that the Zora crypto price jumped from a low of $0.00725 in July to the current $0.07800. The current price is along the 50% Fibonacci Retracement level. Zora has also formed a falling wedge pattern, which often leads to a strong bullish breakout. Therefore, the most likely forecast is that it continues rising, with the initial target at the psychological level of $0.100, up 35% from the current level. A drop below support at $0.0665 will invalidate the bullish forecast.

Conclusion and Outlook

In conclusion, Zora’s price surge is attributed to a combination of factors, including whale and smart money accumulation, network growth, and recent attention from integrations like Coinbase’s The Base App. As the cryptocurrency market continues to evolve, Zora’s performance will be worth monitoring, especially considering its potential for further growth as indicated by technical analysis. For the latest updates and news on cryptocurrencies like Zora, visit bitpulse for in-depth coverage and analysis.