LayerZero's value has risen by 23%, now trading at $2.46.
ZRO trading volume has increased dramatically by more than 808%.
After a series of fluctuations, the cryptocurrency market cap has surpassed the $4 trillion mark. Some major assets are in the green, while others are declining. The largest assets, such as Bitcoin, are trading at $122,000 and Ethereum at $4.3,000. Following this surge, LayerZero (ZRO) has seen a strong surge of over 23.72% over the past 24 hours.
LayerZero traded at a low of $1.89 in the early hours of trading. Following this surge, the price rallied toward a high of $2.57, breaking through the crucial resistance level between $1.93 and $2.53. According to CMC data, LayerZero traded at around $2.45, with a market cap of $427 million. Meanwhile, daily trading volume increased by 808%, reaching $368 million.
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A closer look at the seven-day ZRO price chart shows a steady increase of over 40%. The asset's weekly high and low prices reached the $1.70 and $2.50 regions after a series of ups and downs.
Will LayerZero stock be able to capitalize on the rally, or will it stall?
Technical analysis of the LayerZero stock chart shows that the Moving Average Convergence Divergence (MACD) line is above the signal line. This crossover is considered a bullish signal, and the stock price may continue to rise in the near term.
ZRO chart (Source: TradingView)
Furthermore, the Chaikin Money Flow (CMF) indicator at 0.21 shows strong buying pressure in the market. Because the value is positive, capital is flowing into the asset rather than out of it, reinforcing the positive outlook.
The asset's recent bullish trading pattern could push the price above the $2.52 range. A prolonged upward correction in ZRO could reinforce the bulls, retesting the resistance level at $2.58. In the event of a downward shift, the asset could face some risks. LayerZero could reverse its price trend towards the support level at $2.40. With continued downward pressure, the price could return to the lower range at $2.34 or deepen its losses.
ZRO chart (Source: TradingView)
Additionally, the Bull Bear Power (BBP) indicator reading of 0.673 indicates strong market dominance, and the price is trading above this level, indicating upward pressure. The daily Relative Strength Index (RSI) for LayerZero stock is also holding at 78.28, indicating that it has reached the overbought threshold. Overall, the stock could face a pullback or stabilization soon unless buying pressure continues.
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