LayerZero (ZRO) Skyrockets To the Moon: What\'s Next?

The Daily chart of the LayerZero token signifies a sharp upmove, and the token has spread the bullish leg toward the blue sky zone of $5.40.

LayerZero (CRYPTO: ZRO) soared to the moon this week, becoming one of the best-performing crypto assets with a surge of over 54%.

What Happened: As the market sentiment shifted toward the positive side, crypto enthusiasts favored the upside and anticipated further rise. Among the top gainers this week, LayerZero's native token (ZRO) clocked a massive gain of over 54%.

At press time, LayerZero was trading at $5.13 with an intraday surge of 23.76%. It noted buying momentum on the chart with a monthly return ratio of 47.36%.

On the yearly note, ZRO clocked a massive gain of 407.20%, displaying a long-term uptrend. The pair of ZRO/BTC is at 0.0000768 BTC, and the market cap is $1.29 Billion.

Analysts remained neutral and suggested that the ZRO price may remain bullish and stretch the gains beyond its ATH mark of $5.40.

LayerZero (ZRO) Skyrockets To the Moon: What’s Next? A Closer Look at the Chart

On the daily chart, LayerZero displayed a sharp upmove as the token soared on the demand wave. It covered the bullish leg toward the blue sky zone of $5.40.

The RSI curve soared to the overbought zone and displayed a positive crossover on the chart. Similarly, the MACD indicator plotted the green bars on the histogram, indicating a sustained uptrend.

Fib Extension Chart A Closer Look at the Chart

According to the Fib extension tool, the ZRO token might stretch the breakout rally toward the upside mark of $5.80, followed by $6 soon.

In a recent X post, @CryptoProject highlighted ZRO and its sharp rally, indicating that the token is set for a massive uptrend.

“We are buying $ZRO here

This is new black horse in this bull run

It will go hard

Buy and hold for big returns“

A Tweet by @CryptoProject

A Closer Look at the Chart

In other news, LayerZero's development activity data showed a consistent rise, approaching the peak around 30.57, indicating a growth in its ecosystem.

Its Active Addresses data also noted a significant uptick, reflecting an advance in the users' activity and positive sentiment.

Fueled by the demand surge, the token's price rose over 25% intraday. Its futures open interest data clocked a rise of over 63% to $166.12 Million in the past 24 hours.

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The immediate support levels for the ZRO token are $5 and $4.70, while the key upside hurdle is around $5.60, followed by $6.00.

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