ZRO Battles Resistance Levels with Bearish Sentiment on the Rise

Over the past few hours, $ZRO on the 1-hour chart has seen a mix of price actions. Based on recent data, this analysis will delve into the technical trends that traders should keep in mind.

Closing prices have gradually declined from $4.205 down to $4.124. However, the 9 Exponential Moving Average (EMA) has been relatively stable, ranging between $4.23 and $4.18, indicating a somewhat sideways trend. On the other hand, the 20 EMA, just above the 9 EMA, shows a slightly stronger bearish indication.

Resistance levels are set at $4.147, $4.153, and $4.278. Given the current movement, there may be potential difficulties in breaking through these levels. Support levels are at $4.112, $4.061, and $4.031. A breach below these could suggest more bearish movements ahead.

The Moving Average Convergence Divergence (MACD) levels have steadily decreased, suggesting increased selling momentum over the past few hours. The MACD distress signals get stronger with each reporting interval, with the histogram following a similar pattern. This is further evidence pointing towards a possible downtrend for #ZRO .

Meanwhile, the Relative Strength Index (RSI) oscillates between 47.25 and 40.65. Although not yet reaching oversold levels, the RSI's gradual decline hints at a bearish sentiment among traders.  #LayerZero The full analysis and trade strategy were posted on www.ecoinimist.com.