Despite multiple crypto assets continuing to experience the ongoing huge market crash, Layerzero (ZRO) is slowly gaining strength, according to a revelation disclosed today by the market analyst PumpDumpAlert. Layerzero (ZRO) is the native cryptocurrency of Layerzero, an omni-chain interoperability protocol designed to enable efficient and secure communication and transactions across different blockchain networks.
Bitcoin and the larger cryptocurrency market are witnessing a harsher winter as prices drop hard, enthusiasm weakens, and investor attention turns to other safe haven assets, including Gold, Silver, among others. Bitcoin and Ethereum currently trade their prices at $70,867 and $2,136, down 9.68% and 11.07% over the past week, respectively, an indicator of severe losses in the wider crypto market.
Amid the continuing downtrend currently being noticed in the digital asset market, Layerzero’s consolidative outlook is now turning into an early accumulation phase for the altcoin, according to the analyst’s market analysis.
Bullish Market Structure Forms on Layerzero
As per the analyst’s market monitoring, Layerzero could be readying to make a significant jump soon. Based on the technical analysis of recent ZRO’s price movements, the digital asset appears to have formed an inverse head-and-shoulders pattern that signals a possible long-term bullish direction.
Today, the asset recorded a remarkable 8.25% rise, an uptick that enabled its price to surge from a low of $1.6 to break above the well-established $1.72 resistance level, as pointed out in the analyst’s data above.
ZRO’s recent price action saw it breach above the traditional recognized resistance zone, a move that signals the beginning of a sustained uptrend. Retesting this crucial trendline could help ZRO strengthen its position as the formation of the inverse head-and-shoulder pattern confirms a bullish reversal following a recent downside movement.
Besides today’s jump, ZRO has been down 4.70% and 10.7% over the past week and 14 days, respectively, reflecting its recent corrective period. As per the analyst, the presence of the inverse head-and-shoulders breakout on the ZRO’s daily timeframe signals potential upcoming 47% upside soon. This bullish formation comes after weeks of sideways consolidation following a drastic decline noted in the latter part of the last month.
ZRO Shows Early Indicator of Buying Demand
On-chain metrics show that LayerZero shows early signs of buying activity as users and investors regain confidence in its cross-chain messaging layer. Today, the altcoin experienced a 27% increase in its market cap, which currently trades at $504 million (as per data from CoinMarketCap), an indicator of rising network usage and capital inflows into the interoperability platform.
from Crypto News: Bitcoin, Ethereum & Price Data | BlockchainReporter https://ift.tt/N5r1xy8
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