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The Tornado Cash price surged 455% in the last 24 hours to trade at $18.50 as of 11:54 p.m. EST on trading volume that skyrocketed 9,592% to $9.6 million.
This comes after a three-judge panel found the US Treasury Department’s sanctions against the crypto mixer’s immutable smart contracts were unlawful.
The Fifth Circuit Court’s panel ruled that the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning TORN’s immutable smart contracts.
1/ Today, the U.S. Court of Appeals for the Fifth Circuit ruled in the Tornado Cash case brought by users of the software (Van Loon v. Treasury), finding “immutable smart contracts (lines of privacy-enabling software code) are not the ‘property’ of a foreign national or entity.” https://t.co/G0vkoYzt8O
— Blockchain Association (@BlockchainAssn) November 27, 2024
Tornado Cash Price On A Sustained Rally
The Tornado Cash price has surged significantly (455% upward movement) from a base level near $3–$4. This reflects massive buying pressure, likely due to the news of the ruling. The sharp spike is accompanied by a large green candle, often indicative of market euphoria or short squeezes, according to GeckoTerminal data.
Meanwhile, the current price of Tornado Cash is far above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming an extremely overbought condition in the short term.
The Relative Strength Index (RSI) value is extremely overbought, currently at 97. An RSI near 100 suggests the price is highly extended, and a correction or consolidation could be imminent as buyers exhaust their momentum.
Moreover, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line crossing above the Signal line. This suggests ongoing upward momentum. However, the steep rise indicates an unsustainable trend that might reverse quickly.
If buying momentum continues, the Tornado Cash price could soar, with the bulls targeting prices above the $25 zone.
However, if the bears take advantage of the now oversold conditions of the price of Tornado Cash, TORN could plunge back, with potential support zones at $15 and $10.
As the Tornado Cash price soars, investors looking for new opportunities are also piling into a new meme coin ICO called Flockerz (FLOCK).
It has raised over $3.4 million in its presale and offers a stratospheric annual percentage yield (APY) of 661% on staked FLOCK tokens.
According to ClayBro, a prominent crypto analyst on YouTube with over 131k subscribers, FLOCK is set to have massive gains after its launch.
Flockerz Presale – Best Crypto To Buy Now?
Flockerz is a community-controlled meme coin powered by its unique Vote-to-Earn (V2E) incentive mechanism. Holders of $FLOCK can earn additional tokens by participating in key decision-making processes that shape the project’s future.
The underlying framework of Flockerz is anchored in a decentralized autonomous organization (DAO) called Flocktopia, where every holder’s voice matters. In this way, $FLOCK holders have a say in critical decisions such as protocol changes, budget allocations, adjustments to tokenomics, grant approvals, investment strategies, and so on.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0061504 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in slightly more than 1 day to secure the best deal.
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