Author: Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
Jul 6, 2024 11:13
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
LayerZero launched a strong recovery, which prevented the price from visiting the bottom below $3 during the extensive bearish action
The bulls have conquered the rally and as a result, a massive upswing seems to be on the horizon, aiming to form a new ATH
After a dreadful Thursday, the crypto markets have begun to recover. The Bitcoin price reclaimed its position above $56,000, which raised confidence among the market participants. However, Ethereum and the other major altcoins are struggling to rise above the resistance, while tokens like LayerZero have recovered much before any other token did. The ZRO price rose from a low of around $2.73 and reached close to $4, with an over 40% jump in the times when crypto markets were plunging heavily.
Now that the ZRO price has triggered a recovery, will it make it to $5 before the end of the week?
As a result of an airdrop, the ZRO price began its trading journey under intense selling pressure. However, after shedding out the weak hands, the price recovered finely and is trading just 15% to 17% away from its highs. After a massive recovery, the bulls appear to have been exhausted and hence the token is experiencing a minor pullback. However, the pullback could be limited within a certain range as the price is poised to mark new highs in the coming week.
The short-term price action of the ZRO price indicates the token is combating heavy bearish pressure to reclaim a fine upswing. Although bearish activity continues to knock in, the bulls are strongly defending the gained support, which is paving the way for the token to reach higher targets. Presently, the bulls have halted the ascending trend while the bears remain passive. Therefore, fewer possibilities of a massive pullback may be expected as the technicals remain bullish.
The StochRSI has reached the upper threshold and is preparing for a reversal. Meanwhile, the Ichimoku cloud has just turned bullish after withstanding some bearish actions. Therefore, the LayerZero (ZRO) price is believed to maintain a healthy ascending consolidation to reach $4, followed by a giant upswing beyond $4.5 to form a new ATH close to around $4.74. Unfortunately, before testing the highs at $5, the bears may conquer the rally and keep it consolidated below the levels for a while.
However, market sentiments are bullish and hence, the ZRO price is also poised to hit $5, probably in the second half of July.