LayerZero (ZRO) Breaks Higher With an 11% Gain: Will It Carry Prices Higher or Trigger a Pullback?

• LayerZero jumps 11%, now trading at $1.85.
• ZRO trading volume explodes by over 128%.

The bearish ride within the crypto market hits the digital assets, triggering the remaining momentum. The market cap is settled at $2.35 trillion, and both the red and green charts are moving across the tokens. Bitcoin (BTC) and Ethereum (ETH) are trading at $68.8K and $2K. Meanwhile, LayerZero (ZRO) has registered a solid 11.54% surge in value over the last 24 hours. 

ZRO opened the day trading at a bottom range of $1.66, and after the gradual bullish shift, the price has climbed up to a high level of $2.03. To confirm the uptrend, the asset has broken the crucial resistance. As per CMC data, LayerZero is currently trading at $1.85, with a market cap of $490.17 million. Additionally, the daily trading volume has exploded by over 128% to $187.7 million.

The recent bullish trading pattern of LayerZero has the potential to push the price higher to the resistance at $1.91. If the upside pressure gains more traction, the bulls might initiate the emergence of the golden cross and send the price above the $1.97 mark. 

In the case of a bearish turn, the asset might face risks of losing, and the LayerZero price action might slip to the support at $1.79. With continued downside correction, the death cross would take place, which could likely drive the price to a low range of $1.73. 

Positive Technical Setup Puts LayerZero Back on the Bullish Radar

LayerZero’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line moves above the signal line. This implies that the bullish momentum is building. Notably, the sturdy upside strength may increase further. 

ZRO chart (Source: TradingView)

Moreover, the Chaikin Money Flow (CMF) indicator found at 0.03 points to slight buying pressure in the ZRO market. The money inflows are marginally stronger than outflows, with weak momentum. For a stronger uptrend, it needs to rise higher.

ZRO’s Bull Bear Power (BBP) reading of 0.336 indicates mild bullish control. As the buyers currently have a slight edge, the price is trading above. At the same time, for a continued and confirmed upside momentum, the value is expected to go up.

Furthermore, the daily Relative Strength Index (RSI) of LayerZero is at 68.84, suggesting strong bullish sentiment. It may approach the overbought zone, showing the firm control of buyers. A move above 70 increases the chances of consolidation.

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