Tornado Cash Surges Over 7% Amid Support from Paradigm and Ethereum Foundation
Tornado Cash (TORN) has experienced a rebound, increasing over 7% in the past 24 hours to approximately $9.92. This surge is attributed to renewed legal and community support for co-founder Roman Storm.
Key Points:
- Paradigm and the Ethereum Foundation are backing Storm in his legal battle.
- Paradigm filed an amicus curiae brief defending Storm against charges of money laundering and sanctions violations.
- The brief argues that developing open-source software does not constitute operating an illegal money-transmitting business.
- The Ethereum Foundation committed $500,000 to Storm's defense and will match up to $750,000 in donations.
- Support for privacy rights and code development is emphasized.
Price Analysis
According to CoinMarketCap, TORN reached an intraday high of $10.11 before settling at $9.92. Technical indicators suggest potential further upside:
- RSI is around 54, indicating neutral territory with a slight bullish bias.
- MACD shows signs of flattening, hinting at diminishing bearish momentum.
- Immediate resistance is at the $10.97 level, with subsequent targets at $11.70, $13.80, and $17.20.
- Support remains strong around $9.13, with a lower boundary at $8.10.
TORN Daily Chart with RSI, MACD | Source: TradingView