Tornado Cash With Massive Gains As Sanctions Lifted, TORN Up 410% in 24 Hours – What’s Next?

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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November 27, 2024 07:41 EST

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TORN has rocketed by 410% in the past 24 hours, surging to $18 after a federal appeals court lifted US sanctions against the Tornado Cash mixing service.

TORN is now up by 460% in a week and by 730% in a month, having plunged as low as $1.29 in the wake of the US Treasury’s sanctions against Tornado Cash in August 2022.

Yet because the coin is still down by 96% in relation to its ATH of $436 (set in February 2021), it still has lots of potential to rise even further in the coming weeks.

Tornado Cash With Massive Gains As Sanctions Lifted, TORN Up 410% in 24 Hours – What’s Next?

Privacy coins are rallying across the board the today, but its TORN that’s enjoying the most success.

The lifting of sanctions means that US-based individuals soon be able to resume using the Tornado Cash service, something which will drive demand for TORN – which is a governance and utility token – going forwards.

The basis of the appeals court’s decision is that smart contracts are not property, which means that the US federal government and its agencies cannot block them under the IEEPA (International Emergency Economic Powers Act).

This decision alone already represents a decisive victory for Tornado Cash, privacy coins and smart contracts in genera, but it may take some additional time for more general positive effects to filter down.

The dust may need to settle before substantial numbers of US (and other) residents begin using Tornado Cash again, with developer Alexey Pertsev still remaining in jail for money laundering.

However, Pertsev is appealing his conviction, and given that American sanctions against Tornado Cash are now unlawful, he may have a better chance of winning.

This would provide a further boost for Tornado Cash, helping to normalize it even further in the eyes of investors.

For now, TORN is doing well enough as it is, with its indicators showing very strong momentum.

Its RSI (purple) passed 90 over right, and while it has since dipped it remains at around 60, which signals ongoing buying pressure.

Most bullishly, its 30-period moving average (orange) has jumped above the 200-period average (blue), forming a golden cross that signals a breakout and bull phase.

As such, the Tornado Cash price could reach $25 in the next few days, and $50 by the end of the year.

New High-Potential Altcoins Could Outperform

With the market currently in the middle of a bull period, TORN won’t be the only alt to do well in the coming months.

Most major tokens are likely to perform well on average, yet presale coins in particular could offer outsized gains to traders who time their moves right.

One of the most exciting coins having a presale right now is Best Wallet Token (BEST), which is the new native (ERC-20) coin of the eponymous (and very popular) software wallet.

Having launched the BEST presale last month, it has now raised over $1.3 million.

BEST will serve as the utility token for Best Wallet, providing such benefits as discounts on transaction fees, higher staking rewards, voting rights, and early access to new presales and airdrops.

This gives BEST plenty of utility, and given that Best Wallet has already established itself as one of the best non-custodial cryptocurrency wallets around, it’s likely to prove very popular.

Investors can get involved in its presale by going to the official Best Wallet Token website, with BEST currently selling at $0.0228.

This will rise all the way to $0.02497500 by the 100th and final stage of the sale, so interested buyers should act quickly.

Join BEST Now