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Recently, the Tornado Cash market experienced a significant price surge. The market surged through multiple resistance levels in a single session. However, the market has since declined and is currently testing support at the $12.00 price level. Let’s analyze where the market might be headed next.
Tornado Statistics:
Current Price of TORN: $12.07
Tornado Cash Market Capitalization: $61.35M
TORN Circulating Supply: 5.25M
Tornado Cash Total Supply: 9.99M
Tornado Cash CoinMarketCap Rank: 567
Key Price Levels:
Resistance: $15, $20, $25
Support: $13, $10, $5
TORN Likely to Breach the $12 Support
The Tornado Cash market has been declining for the past two sessions. In the current session, the price briefly fell below the $12 mark before recovering slightly. This recovery brought the token’s price back above the $12 threshold, driven in part by contraction forces.
The 20- and 50-day Moving Average (MA) lines converge below the price action, indicating potential upward support. However, the Stochastic Relative Strength Index (RSI) lines are trending downward toward the 40 level after a bearish crossover in the oversold region, suggesting lingering bearish momentum.
Tornado Cash Rebounds Near the $11 Support
On the daily chart, price action remains above all the MA lines. However, on the 4-hour chart, price action has fallen below the 20- and 50-day MA lines. This time frame reveals that bears regained dominance after the market failed to breach the $20 resistance level.
The ongoing session remains bearish and appears poised to breach the $12 support level. The Stochastic RSI lines move sideways in the oversold region, providing headwinds that could further pressure the market. Consequently, traders may still target the $11 price level as a potential support in this market.
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