LayerZero’s ZRO token rose 8.25% in 24 hours while most altcoins were flat or lower. Since reaching a local low of $1.41 on October 30, it rebounded 31.8% after moving above the $1.51 Fibonacci retracement level. Data showed a 9.8% increase in open interest and a 41.3% decline in trading volume, indicating heightened speculative activity alongside limited volume confirmation. LayerZero was also selected by Loon Finance to provide interoperability for its Canadian dollar-backed CADC stablecoin, with the OFT standard meeting its security, liquidity and compliance requirements. A sustained move below $1.60 would be a warning sign, while a drop below $1.417 would invalidate the short-term bullish bias and make a decline toward $1.25 more likely.
Source: Read the original article
