LayerZero Surges 18.7% Amid Crypto Market's Shaky August Start

The crypto market kicked off August on shaky ground, with Bitcoin struggling to reclaim the $65k mark. This limited the broader altcoin market's potential and led to a lack of capital rotation across altcoins.

Despite this, some assets managed to post impressive gains. LayerZero (ZRO) emerged as the biggest winner of the week, rallying by 18.7%. However, it still has significant resistance zones to clear before entering a breakout phase. ZRO's technicals are painting a more bullish picture, with its RSI jumping above 40 and leaving room for further upside.

The chart shows that ZRO's weekly RSI has failed to break above the 40 level in previous cycles, which could indicate weak momentum despite this week's strong recovery. To confirm a breakout, reclaiming $1 could be a tough climb unless the underlying bid picks up.