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ZRO Tumbles Toward $3.19 After Trendline Rejection

LayerZero


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LayerZero (ZRO) is under renewed selling pressure, with its price sliding toward $3.19 after being rejected at a key trendline. The sharp downturn has shifted market sentiment to a more bearish outlook, sparking concerns about deeper declines. With bears seemingly in control, all eyes are on whether ZRO can find support or if it will continue to drop.

This article aims to analyze the recent bearish move of ZRO following a trendline rejection, as the price tumbles toward the critical $3.19 level. We’ll explore the key technical indicators, market dynamics, and potential scenarios to provide traders and investors with insights into whether the bearish trend will continue or if a recovery might be on the horizon.

As of the time of writing, LayerZero is trading around $3.73, marking a 5.94% decline, with a market capitalization of over $410 Million and a trading volume exceeding $100 million. In the past 24 hours, ZRO’s market cap has decreased by 5.99%, and its trading volume has dropped by 0.57%

Market Sentiment Shifts: LayerZero Set For Further Declines

On the 4-hour chart, following a successful trendline rejection, LayerZero has continued to gain negative momentum, dropping below the 100-day Simple Moving Average (SMA) toward the $3.19 support level. The digital asset has maintained a steady downward move, indicating that the bears are in control and could push the price even lower.

LayerZero falls below the 100-day SMA | Source: ZROUSDT on Tradingview.com

Also, the 4-hour Relative Strength Index (RSI) analysis reveals that the signal line has dropped below 50% toward 35%, indicating a pessimistic market shift. This suggests that ZRO may continue to experience downward movement as momentum builds.

On the 1-day chart, after the trendline rejection, LayerZero shows promising negative signs marked by the formation of a significant bearish candlestick in the previous trading session. The rejection at the trendline indicates increased selling pressure, which could lower ZRO’s price in the days ahead as market sentiment continues favoring the bears.

LayerZero
ZRO forms a significant candlestick | Source: ZROUSDT on Tradingview.com

Finally, on the 1-day chart, the RSI signal line has dipped to 47%, slightly falling below the 50% threshold. This decline below 50% indicates that momentum is leaning toward the bearish side and could signal further downside movement in…

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