The cryptocurrency market is surging, driven by Ethereum surpassing $4,300. Amidst this, LayerZero (ZRO) stands out with a 38% weekly gain. Technical analysis indicates a promising short-term rebound potential.
Ethereum (ETH) has crossed the $4,300 mark for the first time since 2021. This weekly gain of 20% has significantly improved market sentiment, triggering substantial rallies among leading altcoins, including LayerZero (ZRO).
The ZRO token shows an impressive daily increase of 21%, bringing its weekly advance to 38%. Beyond this price momentum, its chart now reveals a bearish Gartley harmonic pattern—a technical structure often preceding a new bullish phase before the market reaches a reversal zone.
On the daily chart, ZRO’s pattern begins near $3.33 (point X), descends to point A, rises to point B, then retraces to $1.64 (point C). Since then, the token has bounced strongly, trading around $2.41, well above its 100-day moving average at $2.18, a key support level.
The next major hurdle is the 200-day moving average at $2.46, which is currently restraining progress. If decisively broken, ZRO could target its Potential Reversal Zone (PRZ) between $2.93 and $3.33, representing an upside potential of 38%.
Conversely, failure could trigger a correction toward support at $2.18 before a new bullish attempt. Technical signals indicate strong upside potential, but investors should remain vigilant about upcoming obstacles in this highly volatile crypto market.
The ZRO crypto token is available on the Bitget exchange. To purchase it, follow these steps :
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