⏬ LayerZero Price Dips 8%: More Declines Possible ⏬
The price of LayerZero $ZRO has dropped 8.1% in the past 24 hours, now trading at $3.65. Despite this sharp correction, it remains up over 40% for the week.
🔻Key Levels and Potential Risks:
📉 **Current Support**: LayerZero is testing the immediate support level at $3.64. Falling below this could see the price dip to $2.93, or even $2.44 in a bearish scenario.
📊 **Short-Term Outlook**: If LayerZero stays above the $3.64 support for the next 8 hours, it could invalidate the bearish outlook and present a buying opportunity. In this case, the altcoin might attempt to flip the $4.29 resistance into support.
🔻Technical Indicators:
🔍 **Bearish Signals**: Technical indicators on the 4-hour chart suggest further declines:
- MACD: The MACD line has crossed below the Signal line, with the gap widening, indicating increasing bearish momentum.
- RSI: The RSI broke below its Simple Moving Average (SMA) line and has plummeted to the mid-50s. This downward slope might signal a major bearish shift, with a break below 50 confirming this trend.
LayerZero faces crucial support levels in the near term. Traders should monitor these technical indicators closely, as further declines could occur if support levels fail to hold. However, a strong defense of current support might offer a buying opportunity for those looking to enter a long position.