After a bad Thursday, the cryptocurrency market is starting to recover. Bitcoin price is back above $56,000, which boosted the confidence of market participants. However, Ethereum and other major altcoins are struggling to break through resistance levels, while tokens like LayerZero have recovered earlier than others. ZRO price has risen from a low of around $2.73 to nearly $4, an increase of more than 40% at a time when the cryptocurrency market is plummeting.
Now that ZRO price has started to rebound, will it go to $5 before the end of the week?
ZRO price started its trading journey under immense selling pressure due to the airdrop. However, after shaking off the weakness, the price recovered well and is currently just 15% to 17% away from the highs. The bulls seem to be exhausted after the sharp rally, hence the coin is experiencing a minor correction. However, the correction is likely to be range-bound as the price is expected to make new highs in the coming week.
The short-term price action of ZRO price shows that the coin is resisting immense bearish pressure to resume a nice upward momentum. Although bearish activities continue to emerge, the bulls are firmly defending the gained support levels which is paving the way for the coin to reach higher targets. Currently, the bulls have stalled the uptrend while the bears remain passive. Therefore, a sharp pullback is expected to be less likely as the technical picture remains bullish.
The StochRSI has reached its upper limit and is preparing for a reversal. Meanwhile, the Ichimoku Cloud has just turned bullish after withstanding some bearish actions. Therefore, LayerZero (ZRO) price is seen to maintain a healthy upward consolidation to $4 and later surge above $4.5 to form a new ATH close to $4.74. Unfortunately, the bears might conquer the rally and sustain it below this level for a while before testing the high at $5.
However, the market sentiment is bullish, so the ZRO price is also expected to reach $5, probably in the second half of July.
Finally, there are still many things that I haven’t written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article. Welcome to follow me! !
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