ZRO, the native token of LayerZero, has displayed tremendous resilience

ZRO, the native token of LayerZero, has displayed tremendous resilience since the March dip. In the token’s price chart

ZRO, the native token of LayerZero, has shown remarkable resilience since the March 10 dip. Technical analysis reveals a falling wedge pattern forming in the token’s price chart.

This pattern features converging trend lines sloping downwards, setting the stage for a bullish reversal. In a falling wedge pattern, price keeps falling, although the rate of drop slows down. This chart formation also means that selling pressure is weakening and buyers are stepping in to regain control.

Another crucial aspect to note is its recent positive performance. As one of the “strongest performing tokens” in March, ZRO’s recovery amidst the market drawdown highlights its underlying demand and bullish strength.

Some key correlation to watch out for is the influence of Bitcoin. As a dominant token, BTC’s price movements often impact altcoins, including ZRO. Market experts suggest if If BTC exhibits some strength, it could pave the way for ZRO to break out of the falling wedge pattern, propelling it toward $4–$4.5 in the coming weeks.

At press time, the token is trading at $2.77, down by 6% in the last 24 hours. Its market cap stands at $304 million. While technical analysis provides valuable insights, it’s essential to consider past performance and market sentiment when making trading decisions.

ZRO Airdrop Rumors Fuel Price, But New Rules Apply

That said, ZRO is stealing the spotlight after rumors of another airdrop gain momentum. On March 30, Bryan Pellegrino, co-founder and CEO of cross-chain protocol LayerZero Labs, stated that the next drop might have completely new criteria, potentially based on RFPs & genuine usage.

Market observers believe that LayerZero is now underutilized and could witness another significant airdrop in 2025. With 11% of the ZRO token allocation remaining to be distributed, there is still an opportunity for early investors to join.