The Tornado Cash price has soared 383% in the past week and 13% in the last 24 hours, trading 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 U.S. federal appeals court overturned Treasury Department sanctions against Tornado Cash, a cryptocurrency mixer accused of facilitating $455 million in laundering 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.
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 moving averages 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.
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 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 MA at $12.99, and a break below this level may signal the end of the bullish momentum.
Crypto All-Stars Presale
Investors looking to diversify their portfolios may consider exploring Crypto All-Stars (STARS), a presale project that has 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.
STARS's key feature is its innovative MemeVault protocol, which allows users to 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 Dogecoin, Shiba Inu, PepeCoin, Floki, and Bonk. The team plans to expand this list to meet growing demand in the meme coin market.
For passive income, STARS offers an attractive staking system with a 310% annual percentage yield (APY) on staked STARS tokens.
The presale will end in less than 23 days, with tokens currently priced at $0.0016189. Investors can purchase them using BNB, USDT, or a bank card.
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