LayerZero’s native token ZRO price is continuously rising, although initially, investors did not expect this. As the altcoin remains resilient, investors’ perspectives seem to be changing. Especially, discussions about the airdrop event pressured the token price, leading to a selling pressure on ZRO.
What’s Happening on the LayerZero Front?
ZRO reaching $4.38 brings it close to its all-time high. This process will turn the bearish sentiment of investors into a bullish one. The same trend is seen in the funding rate. ZRO’s funding rate, which has been negative for days, is now moving towards neutral. This change is largely due to the recent price increase.
The positive price movement contributes to the recovery of the funding rate, indicating a potential shift in market sentiment. If this trend continues, the funding rate may soon turn positive.
In addition to the improving funding rate, ZRO has been steadily accumulating since the beginning of the month. This steady buying activity reflects investors’ growing confidence in the altcoin. As a result, 4.47 million ZRO worth $18.3 million were added to investors’ wallets. This significant accumulation underscores the increasing demand and bullish outlook for ZRO.
ZRO Chart Analysis
ZRO price is currently testing the resistance at $4.3, which could push the altcoin higher. The all-time high is currently at $4.8, and if investors turn bullish and convert the $4.3 resistance level into support, the altcoin could reach this level.
The shift from negative to positive sentiment is a good sign and could help the altcoin price rise towards a new ATH at $5.0. However, if the breach fails and ZRO falls to $3.8 or below, the altcoin could see its lowest levels at $3.4. Losing this support will invalidate the bullish thesis.
