LayerZero's Bearish Pressure Continues as Selini Capital Sells $2.18M Worth of ZRO

LayerZero's price has been under intense bearish pressure, dropping below its long-term moving average and reaching a low of $1.04. The altcoin is currently trading at around $1.80, up 1.48% on the daily charts, but its weekly performance has seen it plummet 13%, making it the worst-performing asset among top 100 tokens.

Selini Capital's recent deposit of $2.18 million worth of ZRO to Binance has sparked interest in the altcoin's future. The move could indicate that the deposited tokens have completed their lock-up period and are being sold, but it also suggests that whales may be accumulating the asset.

Historically, when whale demand holds steady, it can strengthen market structure and pave the way for some gains. However, LayerZero is currently facing significant bearish pressure, with its Relative Strength Index (RSI) forming a bearish crossover and falling to 58. If this trend continues, the $1 support level could be lost, leading to a drop to EMA20 around $0.94.

To invalidate this bearish outlook, LayerZero must close above its long-term moving average around $1.2. The recent spot netflow has remained positive for four consecutive days, but most of the buys came from whales, suggesting that they are accumulating the asset.