LayerZero Price Plummets 4% As The Community Shows Its Dissatisfaction: Will The Bulls Bounce Back?
The LayerZero price has plunged 4% to $3.03 as of 9:16 UTC, on a trading volume that plummeted 55% to $300 million.
After its launch on June 20, the LayerZero price plunged almost immediately from its listing price of $5.6, pointing to increased risk in the ZRO market.
📉 28 hours since $ZRO listed at $5.6, now trading at $3.1
That's nearly a 47% drop from its listing price.Check out my short-term view on the #LayerZero chart below.#Crypto #ZRO pic.twitter.com/ICTgPuwTYJ
— Crypto Patel (@CryptoPatel) June 21, 2024
LayerZero (ZRO) recently began distributing its ZRO tokens via an airdrop, with major crypto exchanges like Bitfinex and Coinbase announcing their listings.
LayerZero (ZRO) is now live on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 20, 2024
A new listing on a major exchange provides easier access to a broader range of traders and investors and thus boosts liquidity.
Unfortunately, many users discovered allocations that were significantly lower than anticipated. The users claimed that the airdrop required a $0.10 fee, which some critics likened to a “tax.” This criteria drew criticism for favouring holders of specific NFTs, such as Pudgy Penguins, over users with high transaction volumes.
However, the project has acknowledged this issue and assured its users of the effective measures it has taken.
The first message on the Internet was intended to be "LOGIN," but it crashed while sending and only sent "LO." When deciding what our first message would be on LayerZero, we thought it was only fitting to finish what the first Internet started by completing its message. Thus our… https://t.co/541IGDmg81
— raz (@ryanzarick) June 20, 2024
The project has notably noted that users who claim the ZRO tokens within 24 hours will receive a 2.5X allocation on their ZRO airdrop from LayerZero.
LayerZero is a cutting-edge protocol that enables seamless and efficient message transmission between blockchain networks. It enables the authenticity of message delivery, allowing users to adjust the level of trust required.
LayerZero Statistical Data
Based on Coinmarketcap data:
- LayerZero price now – $3.03
- LayerZero market cap – $757.2 million
- LayerZero total supply – 1 trillion
- LayerZero circulating supply – 250 million
- LayerZero ranking – #93
The ZRO price has dropped continuously for the last 24 hours after some initial gains reached a high of $4.80.
The GEGE price is trading with a bullish bias in a 15-minute timeframe. Meanwhile, ZRO bulls continue to show momentum, as evidenced by the rising Relative Strength Index (RSI). The Bulls have the upper hand as the RSI currently sits at 69, hurtling to the 70-overbought region.
Notably, the MACD is showing bullish signs, supporting the potential for further upward movement. The blue average line has crossed above the orange signal line on the neutral level. The MACD histogram is also flashing green, allowing the bulls to drive the price upward.
The ZRO is trading slightly above the 50-day simple moving average (SMA), with $2.90 as an immediate support level. If the bulls use the 50-day SMA as their support, it may help initiate the market’s upward momentum and strengthen the bullish sentiment.
LayerZero Price Prediction: Will The Bulls Bounce Back To Its High?
The LayerZero project had the misfortune of launching at the start of the most recent bearish wave, which has sent a wide range of crypto prices tumbling. However, the bulls have a good chance of buying the ZRO price, meaning they have a good chance of bouncing back to their high should the current correction end.
Currently, the price stands at a neutral point from where either the bulls or bears who will take the lead may turn the trend towards their side. If the bullish momentum increases, upward trend, it is poised to rally beyond the $4.87 high. This could help the bulls drive the ZRO price to reach a new high of $5.50. Notably, the decline in the volume inflow points towards the sellers losing interest, which may signal a potential bull run.
Conversely, if the $2.90 support level is breached, the ZRO price could face heightened selling pressure. In this scenario, the $2.70 level will emerge as a significant support point to monitor closely.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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