Key Notes
- Paradigm and the Ethereum Foundation have publicly backed Tornado Cash co-founder Roman Storm.
- TORN surged 7.22% to $9.92 following the news.
- Paradigm filed an amicus brief in support of Storm while the EF donated a massive $500,000.
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Tornado Cash
TORN
$9.49
24h volatility:
2.2%
Market cap:
$36.40 M
Vol. 24h:
$2.31 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—an outlook that has also attracted interest from speculative sectors like crypto gambling.
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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
