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The cryptocurrency market wiped out over $1 billion worth of leveraged positions on Monday, as traders took a massive hit.
The flush came as Bitcoin briefly dropped below the $112k level while altcoins recorded bigger losses.
However, the market is slowly recovering from the recent dip, with coins such as ZRO expected to rally higher in the near term.
LayerZero executes a buyback of 50 million ZRO tokens
ZRO, the native coin of the LayerZero blockchain, is up by nearly 3% in the last 24 hours and is currently trading at $1.887 per coin.
Its positive performance comes amid a broader recovery in the crypto market.
Furthermore, the LayerZero Foundation announced on Monday that it has executed a buyback of 50 million ZRO from early investors, representing 5% of the total token supply.
The foundation added that it has now repurchased over $150 million worth of ZRO tokens this year.
LayerZero Foundation executed a buyback of 50 million ZRO from early investors, representing 5% of token supply.
LayerZero, which recently acquired Stargate, added that Stargate revenues continue to drive future buybacks.
The team added that this purchase was discretionary and separate from the ongoing program from Stargate revenue.
If similar attractive opportunities present themselves, the LayerZero Foundation stated that it would take advantage of them.
ZRO targets $2.0 as market recovery is now underway
The cryptocurrency market is slowly recovering from yesterday’s flush.
Bitcoin, the leading cryptocurrency by market cap, is trading around $113k currently, up by nearly 1% in the last 24 hours.
Ether has reclaimed its price above $4,200, while XRP is approaching the $3.0 mark once again.
ZRO is up by nearly 3% in the last 24 hours, making it one of the best performers among the top cryptocurrencies.
The ZRO/USDT 4-hour chart is bearish, as the coin recorded losses over the last few days.
The momentum indicators remain bearish, suggesting that sellers remain dominant.
The Relative Strength Index (RSI) of 42 is below the neutral level of 50, suggesting that ZRO remains under selling pressure.
The MACD lines crossed over into the negative territory on Monday, indicating a strong bearish trend.
If the selloff continues, ZRO could retest Monday’s low of $1.779.
An extended bearish run would see the cryptocurrency hit the $1.636 support level for the first time since August 2nd.
However, the market is embarking on a slow recovery, and this could see ZRO surge higher in the near term.
If the recovery persists, ZRO could hit the first TLQ and resistance level at $2.041.
The $2.238 high created in August has a strong rejected candle on H4, making it the next target for ZRO if it overcomes the $2.0 resitance level.
However, ZRO’s performance could depend on how BTC and the broader crypto market perform in the near term.
The post ZRO could hit $2.0 amid strong fundamentals: check forecast appeared first on Invezz
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