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The LayerZero token has once again experienced a price increase of 6.17% as of the time of writing. This rebound occurred at a price level higher than the market’s previous rebound around mid-March. Nevertheless, price activity remains below key technical levels.
ZRO Statistics
LayerZero Current Price: $2.330
Market Capitalization: $256.48M
Circulating Supply: 110M
Total Supply: 1B
CoinMarketCap Rank: 140
Key Price Levels
Resistance: $3.000, $3.500, $4.000
Support: $2.000, $1.500, $1.000
LayerZero Momentum Not Enough
While the LayerZero token has seen a notable price increase, and this rebound has occurred at a higher base level than the previous one last month, the market still appears subdued. This perspective stems from the fact that the rebound took place below all the Moving Average (MA) curves.
Moreover, the upward movement still seems modest. The Stochastic Rate of Change (ROC) indicator lines are also trending downward toward the equilibrium level. Therefore, based on technical indicators, this market appears to have bearish potential.
Headwinds Still Brewing in the ZRO Market
On the 4-hour LayerZero chart, the ongoing rebound remains visible. Additionally, the most recent green price candle appears larger than the preceding red candles. However, there are signs of potential bearish pressure. The 20-day and 200-day MA lines are converging above the current price action and appear to be nearing a crossover.
The Stochastic ROC indicator line also continues on a slight downward trajectory below the equilibrium level. Therefore, traders should anticipate the possibility of further price decline toward the $2.00 mark in this market.
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