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LayerZero (ZRO) is currently experiencing strong bullish momentum, positioning itself for potential new highs in the future. This sustained upward trend indicates growing investor confidence and increased market interest in the platform’s capabilities. As ZRO continues to gain traction, technical indicators suggest that this momentum could drive the price to unprecedented levels. Traders and investors are closely monitoring this movement, anticipating further gains and strategic opportunities as LayerZero pushes toward new market peaks. This article delves into providing an in-depth analysis of ZRO’s current bullish momentum and its potential to reach new highs. By examining current price performance and technical indicators, this article seeks to provide strategic advice for investors looking to capitalize on ZRO’s potential growth. ZRO was trading at around $4.15 and was up by 36.66% with a market capitalization of over $456 million and a trading volume of over $816 million as of the time of writing. There has been a 24-hour increase of 36.62% and 152.75% in ZRO’s market capitalization and trading volume respectively. Analyzing The Current Bullish Trend Of ZRO A technical analysis of ZROs price action on the 1-hour chart reveals that the crypto asset is actively bullish and trading above the 100-day Simple Moving Average (SMA). Since facing rejection at the $2.69 support level, ZRO has been consistently bullish and is currently attempting to break above the $4.28 resistance level. The formation of the 1-hour William alligator signals that the price of ZRO may continue to extend its bullish trend as both the alligator lip and teeth are currently trending above the jaw after a successful cross above it. On the 4-hour chart, it can be observed that ZRO is actively bullish. Although the price is attempting a short-term pullback by dropping a bearish candlestick, the crypto asset may extend its bullishness in the long run. Additionally, the 4-hour William alligator indicates more bearishness for ZRO as both the alligator lip and teeth are actively trending above the jaw after moving above it. ZRO Price Forecast Analyzing potential future possibilities of ZRO’s price movement reveals that if the digital asset breaks above the $4.28 resistance level, it may move higher to challenge its all-time high of $5.62. If this level is breached, ZRO might move on to create a new all-time high. However, if the price of ZRO experiences rejection at the $4.28 resistance level, it will begin to descend toward the $3.27 support level. Should the asset breach this level, it may continue to decline to test the $2.69 support level and possibly move on to test other higher levels if it breaches the $2.69 level. Featured image from Adobe Stock, chart from Tradingview.com
LayerZero (ZRO) has become one of the first altcoins to bounce amid the market retrace. The token has registered green numbers despite its controversial token airdrop last month. As a result, investors and market watchers remain bullish on ZROs long-term performance. Related Reading: Cardano (ADA) Founder Claps Back At Dead Coin Comments, Issues Reminder To The Community From ZRO To Market Hero In late June, the omnichain interoperability protocol LayerZero launched its long-awaited ZRO token. The launch, which included a token airdrop for the protocol users, received a negative response from the crypto community. Users found the airdrops claim mechanism to be a slap in the face for the community. Minutes before the launch, the LayerZero Foundation announced that a new Proof-of-Donation claim mechanism would be used for those who wanted to receive their token allocation. The mechanism required users to donate $0.1 in USDC, USDT, or ETH, per token allocated. The donations would go directly to the Protocol Guild, a collective funding mechanism for Ethereum developers. LayerZero received backlash for this measure. Many community members found that the project was milking their supporters and lacked proper communication. As a result, the token saw a 38% drop following the launch. ZRO went from trading at its $4.57 all-time high (ATH) to trading as low as $2.83. The retrace continued as it reached its all-time low (ATL) of $2.48 a week after its launch. The token has since recovered by 53%. ZROs upward trajectory started last week as Bitcoin (BTC) regained its $60,000 support zone. The token moved from its ATL to a biweekly high of $4.2. However, LayerZeros token followed the rest of the market in the retrace. BTCs performance dragged ZRO back to the $2.75 level earlier today, but it has bounced over 20% in the last few hours. As of this writing, ZRO is one of the few altcoins registering green numbers in multiple timeframes. Moreover, the protocols token displays double-digit gains in the weekly and biweekly timeframes, with 40.2% and 22.1% price increases. Investors Bullish On LayerZero Following this performance, investors and market watchers expressed bullish sentiment regarding the token. Some traders assert that ZRO held relatively well during the dump and is now recovering pretty hard. Crypto trader CryptoKnight highlighted ZROs bounce and suggested that the token could reach $5 in the short-term timeframe. Similarly, SpiderCrypto believes that ZRO will hit $10 by the end of the year. To the market watcher, LayerZero is the best infra company for those who believe in a multichain future. Seemingly, users remain confident in the protocol despite the launch mishap. Some investors consider it one of the cleanest brands around with a token that is not difficult to sell to people with a bit of FOMO. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% LayerZero Labs recently announced its integration with Flare, a data-focused blockchain, to enable Flare developers to connect with 75 other networks. Per the post, the integration will connect the blockchain with 50,000 dApps and offer access to a vast quantity of new users and sources of liquidity. At the time of writing, ZRO is trading at $3.81, representing a 21% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Animoca Brands and LayerZero Labs announce a multi-year strategic partnership to enhance interoperability in digital content and gaming ecosystems. (Read More)
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