ZORA price tracks to new ATH as Coinbase CEO buys one of Zora creator coins

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.

Since its recent rally that peaked just below $0.15, Zora (ZORA) price has pulled back to establish a higher low around $0.080, briefly undercutting the prior swing-high resistance-turned-support and slipping below the EMA 20. Notably, this marked the first break below that moving average since the July rally.

However, ZORA price has now reclaimed the EMA 20, surging more than 30% off that low in a single day and holding most of those gains in follow-through sessions. 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.

RSI is at 60, indicating bullish momentum with room to run, while MACD bearish pressure is subsiding and a bullish crossover appears imminent. Market activity is also ramping up, with 24-hour trading volume surging 85% and open interest climbing 1.74% to $91.46 million.

Looking ahead, if ZORA price can break above $0.127 with strong volume, it has a legitimate shot at retesting $0.14 and set a new ATH.

What’s driving ZORA price?

Beyond the bullish technical setup, ZORA also gained a fresh catalyst yesterday when Coinbase CEO Brian Armstrong bought BALAJIS, one of creator coins within the Zora ecosystem. For context, all creator coins on Zora are paired with ZORA itself, meaning any surge in demand or visibility for creator coins can drive direct buy pressure on ZORA. 

In terms of sentiment as indicated in the derivatives data, the 24-hour long/short ratio sits at 0.9635, indicating a slight bias toward shorts. However, smart money seems to be betting on further upside as top trader positioning by position size remains skewed toward longs, with a long/short ratio of 1.5464, according to Coinglass data.