LayerZero (ZRO) is currently experiencing robust upside momentum, positioning itself for potential recent highs in the future. This ongoing uptrend 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 take the price to recent levels. Traders and investors are closely monitoring this move, anticipating further profits and strategic opportunities as LayerZero heads towards recent market highs.
In this article, we delve into an in-depth analysis of ZRO’s current bullish momentum and its potential to reach recent highs. Through an analysis of current price performance and technical indicators, this article seeks to provide strategic advice to traders looking to capitalize on ZRO’s potential upside.
ZRO was trading at around $4.15 and was up 36.66% with a market cap of over $456M and trading volume of over $816M at the time of writing. Within 24 hours, there was a 36.62% raise and 152.75% raise in ZRO’s market cap and trading volume.
Analysis of the current upward trend of ZRO
Technical analysis of ZRO price action on the 1-hour chart reveals that the crypto asset is actively bullish and trading above the 100-day plain moving average (SMA). Since the rejection at the $2.69 support level, ZRO has been consistently bullish and is currently trying to break above the $4.28 resistance level.
The formation of the 1-hour William Alligator signals that the ZRO price may continue its uptrend as both the lip and teeth of the alligator are now above the jaw after successfully cutting through it.
On the 4-hour chart, we can see that ZRO is actively bullish. While the price is attempting a short-term pullback by dropping a bearish candle, the crypto asset could extend its bullish stance in the long term.
Additionally, the Williams 4-hour Alligator Indicator indicates a more bearish bias for the ZRO as both the lip and teeth of the alligator are actively moving above the jaw after moving above it.
ZRO price forecast
Analysis of the potential future price movement possibilities of ZRO reveals that if the digital asset breaks above the resistance level of $4.28, it could rally and challenge its all-time high of $5.62. If this level is broken, ZRO could move further and set a recent all-time high.
However, if the ZRO price encounters a rejection at the $4.28 resistance level, it will begin to decline towards the $3.27 support level. If the asset breaks through this level, it could continue to decline to test the $2.69 support level and possibly move on to testing other higher levels if it breaks through the $2.69 level.
