LayerZero Buyers Eye Price Spike | BITmarkets
Insights Analysis LayerZero Buyers Eye Price Spike

LayerZero Buyers Eye Price Spike

July 8, 2024 Analysis
BITmarkets | LayerZero Buyers Eye Price Spike

Despite the overall crypto market downturn, fresh cryptocurrency LayerZero (ZRO) has formed a promising chart, and market participants believe that ZRO could be set to soar once more to its all-time highs.

4-hour time frame analysis

ZRO4H

ZROLUSD - 4 Hour Time Frame

ZRO has struggled to break out and has failed to generate a strong reaction from the green 12/21 MA bands. From a price action perspective, it is evident that traders are building positions without a significant upturn, potentially forcing them to close their positions.

Additionally, the prices are being held up by leverage, as there is a futures premium alongside a significant reduction in Open Interest (OI) due to spot selling.

This suggests the possibility of further downside. However, ZRO may find demand at the pivot and form a bottom if Bitcoin starts trading above $57,000.

Given current market conditions, the most likely scenario for ZRO is to fill the marked gap. Filling this gap would indicate healthy conditions and increased demand for ZRO. Conversely, revisiting the marked Local Low could pose a risk of further downside, as most traders would be at a loss or at breakeven.

The most solid entry would be if the price forms a bottom at the Local Low, as it has previously.

15-minute time frame analysis

ZRO15MIN

ZROLUSD - 15 Minute Time Frame

From a lower timeframe perspective, ZRO may exhibit impulsive moves suitable for trading. Currently, ZRO is situated around a price level that previously found demand. However, after rallying to the red 200 MA for the third time, it dropped to the “bottom” significantly faster.

For ZRO to reclaim this bottom, it is crucial to reach a price above the red 200 MA and then revisit these lows with visible demand. Otherwise, the only feasible long trade is an impulse trade from the marked Pivot before the price either continues lower or forms a bottom.

The best entry lies in Higher Lows, so it is advisable to wait for Higher Highs and Higher Lows.

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