- LayerZero jumps 23%, now trading at $2.46.
- ZRO trading volume skyrockets by over 808%.
After a series of rollercoaster rides, the crypto market cap has hit above the $4 trillion mark. Some major assets are charted in green; some are caught in a bearish grip. The largest assets, like Bitcoin trading at $122K and Ethereum at $4.3K. Following this upturn, LayerZero (ZRO) has posted a solid surge of over 23.72% in the last 24 hours.
LayerZero traded at its bottom range of $1.89 in the early hours. After the bullish awakening, the price has moved up toward a high of $2.57, breaking the crucial resistance between $1.93 and $2.53. As per CMC data, LayerZero traded at around $2.45, with its market cap at $427 million. Meanwhile, the daily trading volume has skyrocketed by 808%, to $368 million.
While zooming in on the ZRO’s seven-day price chart, it has registered a steady gain of over 40%. The asset’s weekly low and high were marked at $1.70 and $2.50 zones after a series of ups and downs.
Can LayerZero Ride the Rally Higher, or Will It Stall?
LayerZero’s technical chart analysis exhibits that the Moving Average Convergence Divergence (MACD) line is located above the signal line. This crossover is seen as a bullish signal, and the asset’s price could continue rising in the near term.
Besides, the Chaikin Money Flow (CMF) indicator found at 0.21 shows strong buying pressure in the market. Since the value is positive, the capital is flowing into the asset rather than out, which brings in a positive outlook.
The recent bullish trading pattern of the asset could trigger the price to jump over the $2.52 range. The prolonged upside correction of ZRO might reinforce the bulls, bringing in a retest at $2.58 resistance. In the event of a bearish turn, the asset might face some risks. LayerZero might reverse the price action toward the support at $2.40. With continued bearish pressure, it could send the price back to a low range of $2.34 or deepen losses.
In addition, the Bull Bear Power (BBP) reading of 0.673 implies a strong bullish dominance in the market, and the price is trading above, as a sign of upward pressure. Also, LayerZero’s daily Relative Strength Index (RSI) is resting at 78.28, signalling its overbought threshold. It could generally face a pullback or consolidation soon unless the buying pressure continues.
Highlighted Crypto News
Arthur Hayes Buys Back Ethereum at a Premium After Recent Sell-Off
