ZORA Price Slips Below Key Fibonacci Level Ahead of Major Vesting Unlock
ZORA price has recently slipped below a key Fibonacci retracement level, raising concerns about further declines. A significant vesting unlock event is approaching on October 23, which could put additional pressure on the price.
ZORA's price has been struggling, losing the 0.382 Fibonacci retracement level at $0.0615. This move increases the likelihood of continued downside. The cryptocurrency has been trading below the 20 Simple Moving Average (SMA) since late August, indicating persistent bearish momentum.
The upcoming vesting unlock on October 23 is set to release a substantial amount of ZORA tokens into the market. Approximately 166.67 million ZORA tokens, representing 4.76% of the circulating supply, will be distributed among Treasury, Investors, and Team wallets. This event could put downward pressure on the price, as more tokens become available for trading.
ZORA's price is currently trending in a downward channel, with the next support zone likely around $0.035. The government's role in this process is primarily regulatory oversight to ensure market stability and investor protection during the unlock event.
ZORA price faces challenges ahead, with a recent loss of a key Fibonacci level and an upcoming significant vesting unlock event. The release of a substantial number of tokens could put downward pressure on the price, potentially leading to a decline towards $0.035. Market participants eagerly await the outcome of this event, which could shape ZORA's future trajectory.
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