CoinWorldNet reports:
After a rough Thursday, the cryptocurrency market has begun to demonstrate resilience. Bitcoin has returned above $56,000, rejuvenating confidence among market participants.
However, major altcoins on the Ethereum network continue to struggle to break through the atmosphere, while tokens like LayerZero have shown earlier resilience in the American token market.
The price of ZRO has surged from a low point around $2.73 to nearly $4, marking an increase of over 40% amidst the cryptocurrency market crash.
Now, with ZRO prices beginning to rebound, will it reach $5 before the weekend?
Following a significant sell-off pressure due to an airdrop event, ZRO initiated a new phase of trading. Yet, after successfully shaking off its value, the price swiftly rebounded, currently down by 15% to 17%. Despite some fatigue in bullish momentum post a substantial rebound, the token is undergoing a moderate correction phase. Expectations for the upcoming week foresee a potential resurgence in prices, limiting the scope of the pullback within a certain range.
Recent price dynamics of LayerZero (ZRO) demonstrate its ability to resist strong pressures and regain upward momentum. Despite remaining bullish forces in the market, bullish momentum firmly held onto support levels, laying a foundation for further price increases. Currently, bullish momentum has temporarily calmed, with bears relatively passive. Technical analysis indicates the current upward trend remains sustainable, with minimal risk of a sharp decline.
StochRSI has entered overbought territory, suggesting a potential reversal. Meanwhile, Ichimoku Cloud, after a period of bullish sentiment, has turned bullish. Therefore, it is anticipated that LayerZero (ZRO) prices will sustain healthy gains, potentially breaking through the $4 mark and further ascending to over $4.5, approaching a new historical high near $4.74.
However, before the critical resistance at $5, there may encounter resistance from bearish forces, necessitating a wait to surpass higher positions.
Nevertheless, with bullish market sentiment, ZRO prices are also expected to reach $5, potentially by the latter half of July.
