Lokesh Gupta
27-07-2024
On July 22, #LayerZero (ZRO) attempted to achieve new highs but encountered resistance, leading to a subsequent decline.
$ZRO is currently trading above a critical support confluence at $4.40, which combines a horizontal support level with an ascending trend line.
On the 4-hour chart, ZRO is trading within a Rising Channel pattern, marked by higher highs and higher lows.
$ZRO is positioned close to the 50% Fibonacci retracement level, indicating potential price action.
Open interest increased by 15.79% to $118.03 million, while volume rose 20.65% to $496.87 million in the last 24 hours.
According to Coingabbar Prediction, A successful breakout and close above the current level could lead to testing the all-time high (ATH) of $5.60, with a potential follow-up target of $6.50.
If the price fails to stay above $5.00, it might drop to test the $4.40 support level and could potentially revisit the $3.50 support level.
KEY LEVELS :
RESISTANCE LEVEL : $5.600-$6.500
SUPPORT LEVEL : $4.600-$3.600
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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