- Tornado Cash price retests supply wall at $12 with 6% spike in the last 24 hours.
- Overall bounce for top coins has seen TORN price rebound from lows of $11.50 to retest the key resistance area around $12.40.
- The technical picture is bullish with TORN looking to break above a key ascending triangle pattern on the daily chart.
Tornado Cash (TORN), the governance token for the Ethereum-based privacy protocol, recently in the headlines for a court verdict on one of its co-founders, is trading at a key level after bouncing off recent lows.
With the broader cryptocurrency market displaying resilience, and analysts forecasting a recovery in Q4, is TORN’s price action set for further gains?
Could bulls retest the $20 last seen in January 2025?
Tornado Cash price retests $12 hurdle
As cryptocurrencies struggled amid bearish pressure on Monday, Tornado Cash traded lower alongside other tokens.
However, with top coins recouping some gains, TORN rebounded from lows of $11.50 to climb to the key resistance area around $12.40.
Notably, this is a level that has previously provided a significant supply wall for TORN.
A retest of the area comes with price action that mirrors that of the broader market bounce as both Bitcoin (BTC) and Ethereum (ETH) bounce to key levels after experiencing dips on Monday.
BTC, which briefly fell below $108k, has regained ground to trade above $110k.
Meanwhile, ETH, down from its new all-time high above $5k, has stabilised above $4,400 as bulls keep bears off.
TORN’s upward move aligns with this renewed market optimism, as the token tests the $12.40 resistance zone.
As noted, this level has historically acted as a barrier, having thwarted bulls in December 2024 and January 2025.
In the past 24 hours, Tornado Cash crypto is up nearly 6%.
However, its 24-hour trading volume is a mere $84.9k, with this up 3% from the previous day to signal minimal market activity.
Tornado Cash price forecast: Is $20 next?
The technical outlook for TORN is increasingly bullish, with the token forming an ascending triangle pattern on the daily chart.
Analysts associate this pattern with potential breakouts, and the $12.40 resistance level is critical in this respect.
If there’s a decisive close above this point, momentum could propel TORN toward the next significant resistance at $20.
Looking at the chart, the Relative Strength Index (RSI) currently sits at 57.
Year-to-date highs of $27 and the November 2024 peak of $39 could be the next targets.
If TORN fails to decisively breach $12, it may retreat to the $10 support level. A robust buy zone is around $7.20.
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