As of March 2nd, the crypto market opened the day, continuing the bearish ride. The Fear and Greed Index value is settled at 15, exhibiting extreme fear. With this momentum, the digital assets are charted in the red, including Bitcoin (BTC) and Ethereum (ETH). In the last 24 hours, among the altcoins, LayerZero (ZRO) has posted a 2.26% loss in value.
The asset’s lowest trading zone was noted at $1.72, and gradually, it rose toward $1.89, breaking a few key resistances. The CoinMarketCap data has revealed that LayerZero is trading in the $1.79 range at press time. With the market cap at $544.77 million, the daily trading volume has dropped by 28.76%, touching the $105.12 million mark.
The current bullish trajectory of LayerZero might trigger the price to mount higher to the resistance at around $1.83. Assuming the upside momentum builds more power, the golden cross could unfold and likely take the price up above $1.87. On the flip side, if the bears take control, the LayerZero price could fall to the nearest support at $1.75. If the correction on the downside intensifies, it will initiate the formation of a death cross, gradually leading the price below $1.71.
LayerZero Gains Short-Term Strength with Indicators Turning Favourable
The technical indicators of LayerZero reveal that the Moving Average Convergence Divergence line is briefly above the signal line. This hints at a short-term bullish move, and if the MACD moves higher, it may trigger further upside. However, a quick drop weakens the ongoing momentum.
Moreover, ZRO’s Chaikin Money Flow (CMF) indicator is positioned at 0.14, reflecting solid buying pressure, with money steadily flowing into the asset. With accumulation happening, the buyers are showing stronger interest than the sellers. If it rises further, it helps strengthen the bullish trend.
LayerZero’s daily Relative Strength Index (RSI) at 57.47 indicates a moderate bullish tone in the market. This level is above the neutral mark, with growing buying strength. The asset is far from the overbought zone, and a move below 50 weakens the momentum for a possible consolidation.
Besides, the Bull Bear Power (BBP) value of 0.159 suggests a slight bullish strength. Notably, the price is holding above its average level, showing steady buying strength and improving momentum. It likely supports a constructive short-term outlook when the reading continues to rise.
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