LayerZero’s ZRO price has started to recover following a correction that happened two days ago. Even though the general market was bearish yesterday, ZRO’s price was very bullish, spiking by more than 30%.
Two different factors could have triggered this bullish move. Let’s quickly consider them one after the other.
ZRO’s Price Reaches Critical Support
The price of ZRO bounced off a critical support yesterday at around $3.05; since then, it has continued to rise and was able to spike 30%. The move looks like the price is about to continue its bullish rally after a short correction.
Also Read: Crypto Analysts Predict Major Altcoin Rally: Ethereum’s Resilience Signals Market Shift
ZRO is a relatively new token, and because of this, we do not have so much data to analyze the price action, but from what is obvious, it has bounced from support and could continue to rally.
News About Partnership
Another factor that could have caused the price to spike is LayerZero’s partnership with Flare. The protocol announced this collaboration yesterday, and it seems to have met the community positively.
LayerZero is live on @FlareNetworks, a blockchain designed for data. With Flare's native & enshrined oracles, secured at the network layer, developers can access reliable data feeds and proofs for free.This integration enables Flare developers to connect to 75 other networks. https://t.co/3T7CTLUfTh pic.twitter.com/NA37hYOZ1W
— LayerZero Labs (@LayerZero_Labs) July 5, 2024
Flare is a network known for providing data, and with the partnership, layerZero now has access to a lot of data for free. Flare developers can also work with more than 75 other networks through their partnership with LayerZero.
The collaboration also lets Flare access more than 80,000 applications across 75 different blockchains.
So far, the only obvious reasons the price has been spiking are: ZRO reaching strong support, as seen in its price action, and the partnership with Flare.
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The post LayerZero’s ZRO Crypto Price Pumping: Here’s Why appeared first on CaptainAltcoin.
