The price of LayerZero (ZRO) has been steadily growing, but investors did not initially expect this to happen.
However, their forecasts appear to be changing as the altcoin continues to remain resilient.
LayerZero Investors Change Their Position
ZRO’s price, which peaked at $4.38, has brought it close to setting a new all-time high. This should turn investors’ bearish sentiment into bullish.
The same is evident in the funding rate. The ZRO funding rate, which was negative for several days, is now back to neutral. This shift is largely due to the recent price increase.
Positive price movement is helping to restore the funding rate, indicating a potential shift in market sentiment. If this trend continues, the funding rate could soon turn positive.
In addition to the improvement in the funding rate, ZRO has been consistently accumulating since the beginning of the month. This steady buying activity reflects growing investor confidence in the altcoin.
As a result, 4.47 million ZRO worth $18.3 million was added to investors’ wallets. This significant accumulation highlights the growing demand and optimistic outlook for ZRO.
ZRO Price Forecast: Path to New ATH
ZRO price is currently testing the resistance at $4.3, breaking it, which will push the altcoin even higher. The current all-time high is $4.8, and the altcoin can reach it if investors become optimistic and turn the $4.3 barrier into support.
The shift in sentiment from negative to positive is a good sign and could help the altcoin rise to a new high at $5.0.
However, if the breakout fails and ZRO falls to $3.8 and below, the altcoin could see lows at $3.4. The loss of this support would negate the bullish thesis.
