LayerZero Holders Turn Bullish as ZRO Price Nears All-Time High
07/11/2024 05:30
ZRO price is inching closer to establishing a new all-time high and this would warrant support from the investors.
LayerZero (ZRO) price is consistently noting an increase, but initially, the investors did not expect this to happen.
However, their outlook seems to be changing as the altcoin continues to stay resilient.
LayerZero Investors Change Their Tune
ZRO price hitting a high of $4.38 has brought it closer to establishing a new all-time high. This is bound to turn the bearishness investors have been exhibiting to bullishness.
The same is visible in the funding rate. ZRO’s funding rate, which has been negative for days, is now moving back towards the neutral mark. This shift is largely due to the recent rise in price.
The positive price movement is contributing to the funding rate’s recovery, indicating a potential shift in market sentiment. If this trend continues, the funding rate could soon turn positive.
In addition to the improving funding rate, ZRO has been consistently accumulated since the beginning of the month. This steady buying activity reflects growing investor confidence in the altcoin.
As a result, 4.47 million ZRO worth $18.3 million have been added to investors’ wallets. This significant accumulation underscores the increasing demand and bullish outlook for ZRO.
ZRO Price Prediction: Road to New ATH
ZRO price is presently testing the resistance at $4.3 breaching, which would push the altcoin further upwards. The currently all-time high sits at $4.8, which the altcoin can make to should the investors turn bullish and flip the $4.3 barrier into support.
The sentiment turning positive from negative is a good sign and could help the altcoin rise towards establishing a new ATH at $5.0.
However, if the breach fails and ZRO falls to $3.8 and lower, the altcoin could see the lows of $3.4. Losing this support would invalidate the bullish thesis.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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