LayerZero (ZRO) Technical Analysis
After the market structure breaking and the following downtrend breakout, LayerZero gave a strong upward signal in the short term, yet this momentum failed to maintain the price which recently rose to $2.05 with the bounce starting around $1.60. This price increase caused the descending channel breakout. However, the sell pressure around this zone made the price test the falling channel upper boundary twice again.
The price of the coin is currently trading around $1.79 and still holding above the broken descending trend. This resistance is now working as support. The price is also very close to the nearest resistance level at $1.84 – the channel resistance level. This price level is very important as it is both technical resistance and the breaking point of the recent downtrend. Resistance levels like $2.05 and then $2.14 should be followed if the price can break above $1.84 and hold it in the short term. On the other hand, we can say that the price might retreat to the zone between $1.60–$1.50 in case it returns to the descending channel and the support level $1.76 gets broken downwards.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
