LayerZero Tumbles to $1.04 Amid Bearish Pressure, Whale Support Holds

LayerZero (ZRO) is facing intense bearish pressure after being rejected at $1.30 just days ago, with its price dropping to a low of $1.04.

The altcoin's trading volume has plummeted by 35% over the same period, while its weekly chart shows it underperforming all other major crypto assets, making it the worst-performing token among top 100 tokens on CMC with a 13% drop.

Despite this, institutional investors have increased spending substantially, with Selini Capital depositing $2.18 million worth of ZRO to Binance, which could potentially be sold in the market.

However, traders on the spot are holding firmly, with Spot netflow remaining positive for four consecutive days, and big whale orders emerging between $1.1 and $1.0, making these price levels key whale zones.

The Relative Strength Index (RSI) of ZRO has formed a bearish crossover and fallen to 58, but still holds within the bullish zone, suggesting that bears are yet to fully retake the market.