ZORA has been on an explosive run, pumping +1239% in just 20 days. But after such a vertical move, the question is:
Is this rally nearing exhaustion?
Let’s dive into the technicals 👇
🧩 Elliott Wave Structure
Looking at price action through the lens of Elliott Wave Theory, ZORA appears to be completing its 5th wave:
➡️ Wave 3–4 zone: Held around the $0.05 trading range
➡️ Wave 5: Now pushing into the $0.097–$0.103 zone
This area aligns with:
🔴 Short Trade Setup
This zone between $0.097–$0.103 is the ideal reversal area to consider shorting, with clearly defined targets and confluence:
Confluence: TP1
TP2 (Lower Target):
Risk-to-Reward:
Watch for signs of weakness.
_________________________________
💬 If you found this helpful, drop a like and comment!
Want breakdowns of other charts? Leave your requests below.
Is this rally nearing exhaustion?
Let’s dive into the technicals 👇
🧩 Elliott Wave Structure
Looking at price action through the lens of Elliott Wave Theory, ZORA appears to be completing its 5th wave:
➡️ Wave 3–4 zone: Held around the $0.05 trading range
➡️ Wave 5: Now pushing into the $0.097–$0.103 zone
This area aligns with:
- The 1.618–2.0 Fib extension pocket — a typical exhaustion zone for wave 5s
- The $0.10 psychological level
🔴 Short Trade Setup
This zone between $0.097–$0.103 is the ideal reversal area to consider shorting, with clearly defined targets and confluence:
- Entry: $0.097 – $0.103
- Stop-Loss: Above the 2.0 Fib Extension
- TP1: Around $0.08
- TP2: Around $0.064
Confluence: TP1
- Daily Open (dOpen)
- 0.786 Fib of the local move
- 0.382 Fib of the 5-wave structure
TP2 (Lower Target):
- 0.618 Fib retracement of the 5-wave move at $0.064
Risk-to-Reward:
- TP1 gives an R:R of 1:8
- TP2 offers potential 1:13+
Watch for signs of weakness.
_________________________________
💬 If you found this helpful, drop a like and comment!
Want breakdowns of other charts? Leave your requests below.
🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.