The LayerZero (ZRO) price has exhibited a massive surge in the past three days, undermining the token’s initial price downfall after its launch. The ZRO token price is up 35% in the past week and 7% today, with technical indicators signaling a bullish stance.
This comes as the ZRO price surged 38% on the Bitrue exchange in the last 48 hours. In just two weeks of future trading, ZRO has skyrocketed in popularity, reaching a 24-hour volume of $100 million USDT.
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🔥 LayerZero $ZRO from @LayerZero_Labs is heating up at Bitrue!
📈 In just two weeks of #futures trading, $ZRO has skyrocketed in popularity, reaching a 24-hour trading volume of over 100,000,000 $USDT. Notably, its price surged by 38% in the last 48 hours at the very end of… pic.twitter.com/sQTvv1VAkJ
— Bitrue (@BitrueOfficial) July 2, 2024
LayerZero is an omnichannel interoperability protocol enabling secure and efficient message passing across blockchains. Its Ultra-Light Nodes (ULNs) act as smart contract endpoints on each chain, verifying transactions using block headers and proofs.
It supports blockchains, including Ethereum, BNB Chain, Avalanche, and non-EVM chains like Aptos. Moreover, LayerZero facilitates direct, trustless communication between networks. It aims to provide a seamless way for different blockchains to communicate with each other.
LayerZero Statistical Data
Based on Coinmarketcap data:
- ZRO price now – $3.83
- ZRO market cap – $421.6 million
- ZRO total supply – 1 billion
- ZRO circulating supply – 110million
- ZRO ranking – #140
After its launch, the price of LayerZero has been retracing from around the $3.88 resistance mark to finding support at around $2.49. However, this support has bolstered bullish sentiment, enabling buyers to push the ZRO price upward to a resistance level of $4.06 before slightly retracing, forming a bullish rounding bottom pattern.
However, bulls have found support at around the $3.76 level and are preparing to drive the LayerZero price higher.
The ZRO price technical outlook supports the bullish sentiment, as the token is trading well above both the 50-day SMA and 200-day SMA. The bulls aim to use the $2.87 and $3.46 levels as primary support zones, gearing up to push the price above the technical barriers, potentially to new levels.
Notably, the Relative Strength Index (RSI) is above the 50 mean level, intensifying the buying pressure. Currently, it sits at 61, in which increased momentum could drive the price up to the 70-overbought zone, signaling positive momentum. Moreover, the Moving Averages Convergence Divergence (MACD) is in the positive territory. However, the blue average line has crossed below the orange signal line above the neutral level.
LayerZero Price Prediction: Will The Bulls Sustain The Momentum?
Currently, the bulls and bears are at a tug-of-war as they both strive to enter the market. In a 1-hour chart analysis, the RSI is pointing southward, indicating that the sellers may be booking profits. Notably, the MACD average line is below the signal line, suggesting that the short-term moving average is below the long-term moving average, tilting the odds toward the bears.
If the bears manage to enter the market, ZRO price could slightly retrace to around the $3.48 level, coinciding with the 50-day SMA. Intense selling pressure could drive the price below the 50-day SMA to retest at around $2.68.
Conversely, if the bulls capitalize on the rounding bottom pattern, the ZRO price could soar above the $4.03 technical barrier. Increased buying pressure could set the bulls’ target at the $5.00 level.
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