LayerZero has made a strong recovery, keeping its price from falling below $3 during the recent bearish market. The bulls have taken control, and a big upswing seems likely, aiming to reach a new all-time high.
After a tough Thursday, the crypto markets are starting to recover. Bitcoin’s price has climbed back above $56,000, boosting confidence among market participants. However, Ethereum and other major altcoins are still struggling to break through resistance levels.
LayerZero’s Swift Recovery and Future Prospects
In contrast to other tokens, LayerZero has recovered faster than others. The ZRO price jumped from a low of about $2.73 to nearly $4, marking a more than 40% increase even while the crypto markets were heavily declining. Now that the ZRO price has triggered a recovery, there is speculation on whether it will reach $5 before the end of the week.
The ZRO price started its trading journey under intense selling pressure due to an airdrop. However, after shedding out the weak hands, the price recovered well and is now trading just 15% to 17% away from its highs. Despite a significant recovery, the bulls appear to be exhausted, causing a minor pullback. Nevertheless, this pullback could be limited within a certain range as the price is poised to reach new highs in the coming week.
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LayerZero (ZRO) Navigates Bearish Pressure with Bullish Potential
The short-term price action of ZRO indicates that the token is battling heavy bearish pressure to reclaim a positive upswing. Despite the ongoing bearish activity, the bulls are firmly defending the gained support, paving the way for the token to reach higher targets. Currently, the bulls have paused the ascending trend while the bears remain passive, suggesting fewer chances of a significant pullback as the technical indicators remain bullish.
The StochRSI has reached its upper threshold and is preparing for a reversal. Meanwhile, the Ichimoku cloud has turned bullish after withstanding some bearish actions. Consequently, the LayerZero (ZRO) price is expected to maintain a healthy ascending consolidation, reaching $4, followed by a substantial upswing beyond $4.5 to form a new all-time high around $4.74. However, before testing the highs at $5, the bears may momentarily halt the rally, keeping it consolidated below these levels.
Nevertheless, market sentiments remain bullish, and the ZRO price is poised to hit $5, likely in the second half of July.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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