LayerZero Faces Intense Pressure as Whales Weigh In
LayerZero has faced intense pressure in recent days after being rejected at $1.30. The altcoin's price dropped to a low of $1.04, below its long-term moving average (200-day EMA). However, the current price is around $1.80, up 1.48% on the daily charts.
The trading volume has plummeted by 35% to $38 million over the same period. LayerZero's performance has been dismal, with a 13% drop on weekly charts, making it the worst-performing asset among top 100 tokens on CoinMarketCap (CMC).
Despite this bearish trend, Selini Capital deposited 2 million ZRO worth $2.18 million to Binance, which could indicate that these tokens have finished their lock-up period and are being sold.
However, data from CryptoQuant shows that big whale orders are emerging between $1.1 and $1.0, suggesting that whales may be accumulating rather than selling.