LayerZero (ZRO) unexpectedly became one of the most popular altcoins in the first week of July. At the time of writing, the price of the altcoin is $3.83, which is an increase of 33.30% compared to the previous period.

According to the 4-hour chart, ZRO was oversold on July 5, with the Relative Strength Index (RSI) hovering below 30. The Chaikin Money Flow (CMF), which tracks accumulation and distribution, also confirms selling pressure.

However, holders now seem to be accumulating the token, as evidenced by CMF readings. The RSI index is also on the verge of moving above the neutral level of 50.

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