#LayerZero : Bullish & Rally to the moon ⁉️
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Layer Zero saw a big rally on Friday, jumping 63% to a high of $4 but has since dropped a bit. The coin hit the 0.618 Fibonacci level of the entire spike, a common resistance level. The market is now consolidating between $3.73 (support) and $4.15 (resistance). EMAs are flat in this range. A breakout above $4.15 or below $3.73 is expected, with a bullish breakout more likely due to:
- Low valuation of $427 million
- Increasing market momentum and volume
- Strong fundamentals
- CVI shows more long positions being opened
The target price after a breakout is $5. It's best to wait for the breakout before buying or shorting the coin.
