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The Tornado Cash price has soared 383% in the past week and 13% in the last 24 hours to trade at $16.49 as of 3:20 a.m. EST on a 30% drop in trading volume to $82 million.
This surge comes as a US federal appeals court overturned Treasury Department sanctions against Tornado Cash, a cryptocurrency mixer accused of facilitating the laundering of $455 million by North Korea’s Lazarus Group.
The court ruled that Tornado Cash’s immutable smart contracts, designed to enhance transaction privacy, do not qualify as “property” under the International Emergency Economic Powers Act (IEEPA), thus exceeding the Treasury’s authority.
Tornado Cash $TORN spiked +700% after US court rules sanctions placed against @TornadoCash were unlawful.
Despite the price hovering around ~$20 (-96% from its ATH at $408), emission on $TORN supply has indicated its unlocked supply to be similar in value after almost 4 years.… pic.twitter.com/ih8YscxK8o
— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) November 28, 2024
Judge Don Willett acknowledged legitimate concerns about illicit activity but emphasized the need for updated legislation to address crypto-specific issues. The ruling, celebrated by Coinbase as a win for crypto, highlights the tension between privacy-enabling technologies and regulatory oversight.
Tornado Cash Price Signals A Rally Above The Bullish Pennant
The TORN/USD pair on the 1-hour chart shows significant bullish potential, supported by recent price action and technical patterns. Currently, the price sits at $16.8249, reflecting a slight decline of -1.87%. After a strong rally from the $5.00–$6.00 consolidation zone, the price formed a well-defined bullish pennant pattern.
This pattern indicates a continuation of the upward trend, provided the price breaks above the resistance near $17.50. The immediate support lies at $16.50, which will be critical in maintaining the bullish structure.
The Simple Moving Averages (SMAs) confirm the bullish bias, with the 50-period SMA at $12.99 and the 200-period MA at $5.87, both far below the current price. These levels act as dynamic supports in case of a pullback.
TORNUSD Analysis Source: Dextools.io
The Moving Average Convergence Divergence (MACD) indicator, however, shows a slight bearish divergence, with the MACD line below the signal line (-0.59 vs. 0.79). While this suggests short-term weakness, the decreasing bearish momentum on the histogram indicates a potential upcoming reversal.
Additionally, the Relative Strength Index (RSI) at 51.66 is in a neutral zone, leaving room for upward movement. A push above 60 would confirm strong bullish momentum.
If the price successfully breaks above the $17.50 resistance, the pennant’s measured move suggests a potential rally toward $20.00 or higher, depending on momentum.
However, failure to hold the $16.50 support could trigger a retest of the 50-period SMA at $12.99, and a break below this level may signal the end of the bullish momentum.
Crypto All-Stars Presale Zooms Past $6.4 Million-Next Crypto To Explode?
Meanwhile, investors looking to diversify their portfolios with exciting new projects may want to explore Crypto All-Stars (STARS), a presale project that has already raised over $6.4 million.
According to ClayBro, a popular crypto YouTuber with over 130,000 subscribers, STARS has the potential to grow 10X after launch.
The key feature of Crypto All-Stars is its innovative MemeVault protocol, which lets users stake multiple meme coins in one place. This simplifies the process for meme coin investors and provides an efficient way to grow their holdings.
Supported meme coins include popular names like Dogecoin, Shiba Inu, PepeCoin, Floki, Bonk, and more. The team also plans to expand this list to keep up with the growing demand in the meme coin market.
The Game-Changer: Meme Vault
The Meme Vault is a staking protocol where you can earn $STARS tokens by staking popular meme coins. 🪙
Never before has there been a way to earn rewards like this in the meme coin world!
— web3telepath (@web3telepath) August 15, 2024
For those interested in earning passive income, STARS offers an attractive staking system with a huge 310% annual percentage yield (APY) on staked STARS tokens.
The presale will end in less than 23 days, and tokens are currently priced at $0.0016189. Investors can purchase STARS using BNB, USDT, or a bank card.
Buy STARS tokens on the official website here.
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