TL;DR:
- ZRO’s perpetual market liquidity reached $96 million, boosting optimism among traders.
- The asset faces critical resistance at $2.28 after bouncing strongly from its primary demand zone.
- Community sentiment is mostly bullish, with 65% of voters expecting further price increases.
On Wednesday, the digital asset market witnessed a rally in the price of LayerZero ZRO, positioning it as one of the top-performing cryptocurrencies. This advance is accompanied by a trading volume exceeding $130 million.
The current momentum is based on a massive increase in perpetual contract liquidity, which climbed to $96 million. Furthermore, the positive funding rate of 0.0191% confirms that long-position traders remain in control of the market.
Key Resistances and Technical Market Structure
Technically speaking, the asset managed to stay above a previous descending channel, reinforcing the validity of its bullish breakout. The recent rebound occurred after touching a solid demand zone established between $1.81 and $1.88.
However, for the upward trend to last over time, the asset must overcome the psychological and technical barrier of $2.28. If successful, the path would be cleared to seek more ambitious targets located at $2.59 and, eventually, $3.67.
On the other hand, community sentiment on platforms like CoinMarketCap reflects optimism, with thousands of participants betting on a continuation of the rally. This collective conviction adds a layer of emotional support to the movement driven by liquidity data.
In summary, the outlook for ZRO is encouraging, as long as volume supports the attempt to overcome the aforementioned resistance levels. Investors should closely monitor price action at $2.28, as this level will determine the asset’s direction in the short term.
