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The crypto market seems to be showing signs of exhaustion following days of upward movement. Bitcoin, the leading crypto by market cap, has dropped below $117k after losing 1% of its value in the last 24 hours.
Ether and XRP are also in the red, with the market giving away some of its recent gains. The retracement from the broader crypto market is also affecting ZRO, the native coin of the LayerZero ecosystem.
ZRO hits $2 on LayerZero’s partnership with PayPal
ZRO rallied by more than 2% on Thursday to hit the $2.0 mark for the first time this week. The rally comes after the LayerZero team announced its partnership with the payments giant PayPal.
The partnership sees PayPal working with LayerZero to extend its PYUSD stablecoin from its native deployments on Arbitrum, Ethereum, Solana, and Stellar to other blockchains, including Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron.
The two entities are working together to ensure more integrations, while existing Berachain (BYUSD) and Flow (USDF) will upgrade to PYUSD0.
PayPal built the first global digital payment network at the onset of the internet age. In 2023, they were the first major fintech company to launch a stablecoin with PYUSD. With PYUSD0, PayPal and LayerZero are working to drive greater availability of PYUSD across blockchains.
LayerZero pointed out that the integration allows users who self-custody their PYUSD to transfer it seamlessly between blockchains without needing to rely on the existing and centralized banking infrastructure.
Prior to the news, ZRO was trading around $1.85 per coin, but it immediately rallied to hit the $2.08 mark a few hours ago.
However, the market is showing signs of exhaustion, and ZRO could undergo further correction, similar to the broader cryptocurrency market.
ZRO could dip below $2.0 as market shows signs of exhaustion
The ZRO/USDT 4-hour chart is bullish and efficient, thanks to ZRO’s positive performance since the start of the week.
The momentum indicators are still bullish but beginning to show signs of exhaustion heading into the weekend.
The RSI has dropped to 55 from the high of 69 on Thursday. The declining RSI and the possible convergence of the MACD lines below the neutral zone could signal a possible correction in the near term.
At press time, ZRO is trading at $2.016 per coin. If the correction continues, ZRO could drop to the nearest support and TLQ level at $1.883.
The bulls will likely defend this support level extremely, as failure to do so could see ZRO drop to the monthly low of $1.767.
ZRO could resume its upward movement in the near term if the market recovers. If the bullish trend continues, ZRO could hit the $2.28 high for the first time since August 29.
An extended bullish run would allow ZRO to test the $2.60 level once again. However, it would need the support of the broader crypto market to do so.
The general trend of the market remains bullish but is showing signs of exhaustion. A correction over the weekend is possible before the market resumes its upward movement.
The post ZRO could dip below $2.0 despite PayPal partnership; check forecast appeared first on Invezz
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