Tornado Cash Comeback? Paradigm & EF Support Sends TORN Up 7%
Tornado Cash TORN $9.83 24h volatility: 3.1% Market cap: $37.50 M Vol. 24h: $2.25 M is staging a remarkable rebound, surging over 7% in the last 24 hours to trade near $9.92 amid renewed legal and community support for its embattled co-founder Roman Storm.
The rally comes as crypto venture firm Paradigm and the Ethereum Foundation (EF) publicly back Storm in his fight for justice.
Legal Winds Shift in Storm’s Favor
Paradigm filed an amicus curiae brief, defending Storm against federal charges that include conspiracy to commit money laundering and sanctions violations.
The brief strongly challenges the prosecution’s interpretation of Storm’s role, arguing that publishing open-source, peer-to-peer software like Tornado Cash does not equate to operating an illegal money-transmitting business.
Citing FinCEN guidance and legal precedent, Paradigm emphasized that developers should not be charged simply for writing and publishing code.
Meanwhile, the Ethereum Foundation has committed $500,000 toward Storm’s legal defense and pledged to match up to $750,000 in community donations. EF reiterated its stance by stating:
“Privacy is normal, and writing code is not a crime.”
Price Analysis: TORN Finds Strong Support
According to CoinMarketCap data, TORN hit an intraday high of $10.11 before slightly retreating to $9.92. Technical indicators suggest there may be more upside ahead.
The RSI (Relative Strength Index) is currently around 54, indicating neutral territory with a slight bullish bias. This leaves room for further upward momentum without entering overbought conditions.
Meanwhile, the MACD is beginning to flatten just below the zero line, suggesting that bearish momentum is fading and a bullish crossover may be imminent.
TORN Daily Chart with RSI, MACD | Source: TradingView
Immediate resistance sits at the 0.786 Fib level around $10.97, followed by the psychological barrier at $11.70. If bulls break through this region, the next targets lie at $13.80 (1.618 Fib) and $17.20 (2.618 Fib).
As per the chart above, support remains strong around $9.13 (0.236 Fib), with a key lower boundary near $8.10 providing a safety net should price retrace.
The post Tornado Cash Comeback? Paradigm & EF Support Sends TORN Up 7% appeared first on Coinspeaker.
Tornado Cash Comeback? Paradigm & EF Support Sends TORN Up 7%
Tornado Cash TORN $9.83 24h volatility: 3.1% Market cap: $37.50 M Vol. 24h: $2.25 M is staging a remarkable rebound, surging over 7% in the last 24 hours to trade near $9.92 amid renewed legal and community support for its embattled co-founder Roman Storm.
The rally comes as crypto venture firm Paradigm and the Ethereum Foundation (EF) publicly back Storm in his fight for justice.
Legal Winds Shift in Storm’s Favor
Paradigm filed an amicus curiae brief, defending Storm against federal charges that include conspiracy to commit money laundering and sanctions violations.
The brief strongly challenges the prosecution’s interpretation of Storm’s role, arguing that publishing open-source, peer-to-peer software like Tornado Cash does not equate to operating an illegal money-transmitting business.
Citing FinCEN guidance and legal precedent, Paradigm emphasized that developers should not be charged simply for writing and publishing code.
Meanwhile, the Ethereum Foundation has committed $500,000 toward Storm’s legal defense and pledged to match up to $750,000 in community donations. EF reiterated its stance by stating:
“Privacy is normal, and writing code is not a crime.”
Price Analysis: TORN Finds Strong Support
According to CoinMarketCap data, TORN hit an intraday high of $10.11 before slightly retreating to $9.92. Technical indicators suggest there may be more upside ahead.
The RSI (Relative Strength Index) is currently around 54, indicating neutral territory with a slight bullish bias. This leaves room for further upward momentum without entering overbought conditions.
Meanwhile, the MACD is beginning to flatten just below the zero line, suggesting that bearish momentum is fading and a bullish crossover may be imminent.
TORN Daily Chart with RSI, MACD | Source: TradingView
Immediate resistance sits at the 0.786 Fib level around $10.97, followed by the psychological barrier at $11.70. If bulls break through this region, the next targets lie at $13.80 (1.618 Fib) and $17.20 (2.618 Fib).
As per the chart above, support remains strong around $9.13 (0.236 Fib), with a key lower boundary near $8.10 providing a safety net should price retrace.
The post Tornado Cash Comeback? Paradigm & EF Support Sends TORN Up 7% appeared first on Coinspeaker.