ZORA Plummets 33% as Whales Accumulate, Eyeing Rebound
ZORA price fell 33% from its weekly high to an intraday low of $0.083 on Aug. 28 as initial hype from Coinbase CEO Brian Armstrong’s BALAJIS purchase faded. Despite the downturn, whale accumulation surged 86% in 24 hours, with balances rising from 5.14 million to 9.55 million ZORA, according to Nansen data. On the 4-hour chart, ZORA trades within a falling wedge, a bullish reversal pattern. A breakout above $0.090 could trigger a rebound towards $0.11 and potentially retest $0.145, its Aug. 11 high. However, bearish Supertrend and MACD signals suggest possible further decline to $0.080 support before any sustained recovery.
Bullish
Whale accumulation of ZORA, evidenced by an 86% increase in holdings to 9.55 million tokens, typically signals strong buy-side interest and often precedes price rebounds as retail investors follow suit. The formation of a falling wedge—a recognized bullish reversal pattern—on the 4-hour chart reinforces the potential for a turnaround once ZORA breaks above the $0.090 resistance. Historical parallels include similar altcoin moves where significant whale buying combined with wedge breakouts led to short-term rallies, such as the 2023 SOL rebound after large holder accumulation. While technical indicators like Supertrend and MACD currently trend bearish, suggesting possible near-term support testing at $0.080, a confirmed breakout could catalyze a recovery towards $0.11 and beyond. Therefore, the news points to a bullish outlook, with traders likely to monitor whale wallet data and chart patterns for entry signals.