LayerZero Price Prediction:Bubble Burst or Market Correction

ZRO down 3.58% to $2.64, volume decreased 28.20%

• Following the opening of airdrop claims on June 20, 2024, #LayerZero experienced significant volatility.

• The token peaked at $4.8786 but quickly dropped to $2.5500, marking a 47% decline within five days.

• On the 4-hour chart, $ZRO is trading within a well-defined descending channel, indicating a bearish trend.

• The RSI is currently at 32.19, approaching oversold conditions but not yet breaching the typical 30 threshold.

• Trading volume is at 34.313K, which is moderate but relatively low compared to previous spikes, suggesting a lack of strong conviction in the current move.

• According to Coingabbar Prediction, If $ZRO breaches the channel boundary and the 0.50 Fibonacci level, it could test the $3.8000 to $5.0000 range in the coming months.

• If bears push the price below both levels, selling pressure could drive it towards the 0.618 Fibonacci level at $2.2887 or the 0.786 Fibonacci level.

KEY LEVELS :

RESISTANCE LEVEL : $3.6000-$5.0000

SUPPORT LEVEL : $2.2800-$1.0000

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.